The following problem is similar, but not identical, to the first question in Problem 5.
What is the present value (PV) today of a stable cash flow of $87,000 per year that starts at the end of year 1 and continues forever (that is, in perpetuity)? The appropriate discount rate is 14% p.a. Round your answer to the nearest dollar. Do not include the $ symbol nor the separating comma, if any. Thus, for example, if the PV is $24,323.55 write 24324 in the answer box.
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