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Suppose that an income-producing property is expected to yield net cash flows for the owner of $120,000 in each of the next eight years, with

Suppose that an income-producing property is expected to yield net cash flows for the owner of $120,000 in each of the next eight years, with cash flows being received at the end of each period. If the opportunity cost of investment is 16% annually and the property can be sold for $2,750,000 at the end of the eighth year, determine the value of the property today.

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