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communication Communication near a black hole

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communication near a black hole

One ship is in a stable orbit outside of the event horizon of a very large black hole so that there is significant time dilation.

Another ship is in its own orbit around the same black hole, but at a much greater distance, so that time dilation is minimal.

If someone on the ship much farther away turns a very bright light on and off again every 10 seconds, what will the observer on the ship near the black hole see?