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You want sponsor a basketball team. In exchange for giving them $1 million right now, the team's jersey will feature your logo for three years.

You want sponsor a basketball team. In exchange for giving them $1 million right now, the team's jersey will feature your logo for three years. You believe that this publicity will increase cash flows by $590,000 per year during the three years. Assume that the discount rate is 5%. The change in the value of your company if you do decide to sponsor the team is equal to $_____. (round your answer to two decimal places)

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