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A stock asset will pay $1,000 per year forever with the first payment made exactly five years from today (t=5). The stock is worth $_____ today (t=0) assuming a 6% p.a. interest rate.

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A stock asset will pay $1,000 per year forever with the first payment made exactly five years from today

(t=5). The stock is worth $_____ today (t=0) assuming a 6% p.a. interest rate. 

 
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