Question: A company will spend the next three years developing a new product. In the beginning of the fourth year, sales are expected to begin, such

A company will spend the next three years developing a new product. In the beginning of the fourth year, sales are expected to begin, such that profits from the product will show up on the books at the end of the fourth year. If the company expects 10 years of profits valued at $350,500 from the product, how much is the product worth in todays dollars? (Assume r=.09.)

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