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−20 −20 −20 −25 −30 Total-36-22 +8 +102 +182: Risk Group Seeking Money Early Startup Late Start Up Mature Forward Discount Rate 60% 40% 30% 25% 20% Discount Factor 0.625 0.446 0.343 0.275 0.229 Discounted Cash Flow (22) (10) 3 28 42 This gives a total value of 41 for the first five years' cash flows.
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