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Let's assume a company will start generating cash flows in 2 years (the year of the first non-zero payment). The growth rate of cash flows

Let's assume a company will start generating cash flows in 2 years (the year of the first non-zero payment). The growth rate of cash flows will be 4%. The rate of return is 8.1%. If the firm's present value is 25M (present value in year 0), what will be the value of the first payment other than zero (cash flow in year 2)?


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