=+4* (Examination level) Wishbone ple is considering two mutually exclusive projects. Project X requires an immediate cash

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=+4* (Examination level) Wishbone ple is considering two mutually exclusive projects.

Project X requires an immediate cash outflow of £2.5m and Project Y requires £2m. If there was no inflation then the cash flows for the three-year life of each of the projects would be:

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