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Your companys expenses for 2021 were $1.5 million and are expected to increase nominally by 8% per year. If inflation is 3%, what is the

Your companys expenses for 2021 were $1.5 million and are expected to increase nominally by 8% per year. If inflation is 3%, what is the present value of the expenses your company will incur in 2023? Assume a real interest rate of 5%

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