Question: A projects annual (operating) cash flows for the next five years are: R1.2 million, R1.4 million, R1.7 million, R2 million, and R2.5 million. Assuming a

A projects annual (operating) cash flows for the next five years are: R1.2 million, R1.4 million, R1.7 million, R2 million, and R2.5 million. Assuming a discount rate of 12% and a terminal growth rate of 4%

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