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(Present value of a growing perpetuity) Your firm has taken on cost saving measures that...

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Finance

(Present value of a growing perpetuity) Your firm has taken on cost saving measures that will provide a benefit of $10,000 in the first year. These cost savings will decrease each year at a rate of 3 percent forever. If the appropriate interest rate is 9 percent, what is the present value of these savings?
The present value of these cost savings is $
.(Round to the nearest cent.)
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