Question: Determine the present value of $6,000,000 received as a single payment in five years, discounted at 3%. Next, determine the present value based on a

Determine the present value of $6,000,000 received as a single payment in five years, discounted at 3%. Next, determine the present value based on a 9% rate. Explain why there is a difference between these values. What does this say about interest rates in TVM calculations?

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