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You are asked to calculate the value of the following stream of cash flows today year 1 = 450 year 2 = 316 year 3

You are asked to calculate the value of the following stream of cash flows

today year 1 = 450 year 2 = 316 year 3 = 838 year 4 = 538

assume the discount is 5%. what is the present value

I would like to see how to do the process by hand, not by using Excel.

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