The present value of a series of future cash flows is the amount you would...
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The present value of a series of future cash flows is the amount you would need today to make the future cash flows equal to zero exactly duplicate those future cash flows breakeven on the given exchange rate exactly half those future cash flows 
The present value of a series of future cash flows is the amount you would need today to
make the future cash flows equal to zero
exactly duplicate those future cash flows
breakeven on the given exchange rate
exactly half those future cash flows
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