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You have lent your friend $9500. Your friend offers you the following instead of paying the $9500 now. End of year Cash flow 1 3500

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You have lent your friend $9500. Your friend offers you the following instead of paying the $9500 now. End of year Cash flow 1 3500 2. 2500 3 450 4 650 What is the present value of your friend's payments? (Using an opportunity cost of capital of 7 percent)

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