In assessing possible new customers, a distributor desires that a new customer have a customer lifetime value of at least $10,000. Assuming an 8% discount rate, average annual sales of $65,000, and a customer expected lifetime of 10 years, what is the minimum profit margin needed to assure a lifetime value of at least $10,000?
a. 10%
b. 11%
c. 12%
d. 13%
d. 13%
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Fill in the blank(s) with correct word
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Indicate whether the statement is true or false