Assume that a product has the following three stages of production: 
If the value-added tax (VAT) rate is 20%,what would be the VAT over all stages of production?
Definitions:
Annual End-Of-Year Payments
Regular payments made at the end of each year, often in the context of annuities or certain types of loans where payments are deferred until the end of the period.
Interest Rate
The fee a lender imposes on a borrower for utilizing assets, denoted as a percentage of the principal amount.
Annuities
Financial products sold by financial institutions designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time, typically during retirement.
Cash Flows
The aggregate of cash inflows and outflows within a corporation, impacting its liquid assets.
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