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You are thinking of buying a miniature golf course to operate. It is expected to generate cash flows of $45,000 per year in years one

You are thinking of buying a miniature golf course to operate. It is expected to generate cash flows of $45,000 per year in years one through three and $55,000 per year in years four through eight. If the appropriate discount rate is 12%, what is the most you would pay for this golf course?

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