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Torti Management Services Ltd expects to receive N320,000 per year at the end of each year for the next 20 years from a new

Torti Management Services Ltd expects to receive N320,000 per year at the end of each year for the next 20 years from a new machine. If the firm's opportunity cost of fund is 12 per cent, how much is the present value of this annuity? Discuss any three (3) types of preference shares.

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