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you work for ABC company that has developed a new product .The patent on the product will last 15 years .You expect that the product's
you work for ABC company that has developed a new product .The patent on the product will last 15 years .You expect that the product's profit will be 2 million dollars in its first year and that this amount will grow at a rate of 6% per year for the next 15 years.
What is the present value of the new product if the interest rate is 8% per year ?
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