Problem
The R&D period for a new product will be 3 more years. Income of $350K will be received at the end of year 4. Beginning in year 5 and continuing through year 10, income will rise $50K per year. What is the equivalent present worth, if the interest rate is 12%?
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.