Calculating Incremental Cash Flows Darin Clay, the CFO of MakeMoney.com, has to decide between the following two projects:

Year Project Million Project Billion 0 $1,500 $Io 1 Io  200 Io  500 2 1,200 1,500 3 1,500 2,000 The expected rate of return for either of the two projects is 12 percent. What is the range of initial investment (Io) for which Project Billion is more financially attractive than Project Million? LO.1