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You are offered an investment opportunity that will begin with a cash inflows of 1 5 , 0 0 0 at the end of year

You are offered an investment opportunity that will begin with a cash inflows of

15, 000

at the end of year one, growing each year by

5 %

for

40

years. What is the most you'd pay for this investment today if your required rate of return is

12 % ?

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