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Suppose that a constant, perpetual cash flow is $1,200 and the discount rate is 12%. What is the value of this perpetuity if the first

Suppose that a constant, perpetual cash flow is $1,200 and the discount rate is 12%. What is the value of this perpetuity if the first cash flow occurs three years from today?

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$10,000

$8,928.57

$7,971.94

$7117.80

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