-Mitch has been offered three different contracts for a service he provides. 
What is the present value of Contract 1?
Definitions:
Limited Production
A production strategy where a restricted quantity of a product is made, often to maintain exclusivity or because of constraints.
Book Value
The value of an asset as recorded on the balance sheet, calculated as the cost of the asset minus any depreciation or amortization.
Salvage Value
The estimated residual value of an asset at the end of its useful life, expected to be recovered upon disposal.
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