Question: Your answer is incorrect. The total cost associated with development and approval for a new prescription drug was estimated to be $2.5 million in

Your answer is incorrect. The total cost associated with development and approval for a new prescription drug was estimated to be $2.5 million in 2013. Costs are expected to increase 7.5% each year through the year 2020. Find the uniform series equivalent to the given geometric series over the 8 year period with a 6.0% discount rate. (Assume end of year cash flows.) Click here to access the TVM Factor Table calculator. tA $ million

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