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Economic Papers (March 1965), pp. 66-80. Ezra Solomon, "Return on Investment: The Relation of Book-

Anothl"T way of looking at the elTect of inflation is to say that all real cash receipts are multiplied by (1+i)' in order to obtain the actual cash intlow in period t. At the samc tiJlll", actual investment, and liellce, depreciation t'Xpcllse amj net Look value are

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