Problem
Hate Manufacturing has agreed to license an industrial process to another firm. That firm will pay $5 million when it licenses the process, which may happen at any time during the next 10 years. The firm's interest rate is 8%. What is the present worth if the license is issued at the end of year 3? Year 5? Year 10?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.