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What is a venture's present value? Does the past matter? What is meant by the statement, If you are not using estimates, you are not

What is a venture's present value? Does the past matter? What is meant by the statement, "If you are not using estimates, you are not doing a valuation?"

Define (a) required cash and (b) surplus cash. Why does it matter how we treat surplus cash for valuation purposes?

Describe the basic venture capital (VC) method for estimating a venture's value. Why is it important to know this?

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