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You work for a cellphone manufacturing company that has developed a new product. The new...

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Finance

You work for a cellphone manufacturing company that has developed a new product. The new cellphone production will last for 7 years. You expect that sales from the new product will generate cash flows of $14.6 million from the first year and that this amount will grow at a rate of 3.8% per year for the next 7 years. If the cost of capital is 9.1% per year, what is the present value of producing this cellphone? Round your answer to the nearest whole number.

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