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For the purpose of pinpointing the period for being in contrast for hazard absolutely free return and hazard top quality, expenditure lifetime of the undertaking needs to be regarded. Since lodging property, like accommodations, experienced lengthy practical lives, return on lengthy-term federal government bonds must be used for lodging calculations, which needs to be from the time period 1926 to 1987 (exhibit 5 of your case) as this correctly reflects the bottom line nature of return using a long term see such as all abnormalities in the course of this era.
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