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[See Steps] The PRESENT VALUE OF A FRANCHISE. The management of a national chain of fast-food outlet is selling a 10-year franchise in Cleveland, Ohio. Past

Question: The PRESENT VALUE OF A FRANCHISE. The management of a national chain of fast-food outlet is selling a 10-year franchise in Cleveland, Ohio. Past experience in similar localities suggests that t years from now the franchise will be generating profit at the rate of \(f\left( t \right)=10,000\) dollars per year. If prevailing annual remains fixed at 4% compounded continuously, what is the present value of franchise.

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