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George pays 100,000 today for a 4-year investment that returnscash flows of 60,000 at the end of each years 3 and 4. Supposethat, at 15%, the net present value of George's cash flows is equalto the net present value fo Joe's cash flows, where Joe makes aninvestment of X one year from today that returns cash flows of60,000 at the end of each of years 4 and 5. Calculate X.
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