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An investor using a discount factor of 15% is indifferent between replacing a machine every 2 years and replacing it every 4 years. The present value of the first 2 year replacement cycle is $23000. What is the present value of the first 4 year replacement cycle? Discount rates: Yr 1 1 Yr 2 0.756 Yr 3 0.658 Yr 4 0.572 The present value of the first four year replacement cycle is $________ (do all workings to the nearest $) |