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ABC Company sold the rights to use one of their patented processes that will result...

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Accounting

ABC Company sold the rights to use one of their patented processes that will result in them receiving cash payments of $6,000 at the end of each of the next five years, an $8,000 cash payment at the end of the sixth year, and a $10,000 cash payment at the end of the seventh year. Calculate the total present value of these payments assuming the interest rate is 6% compounded annually.

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