6.16 Bill plans to open a self-serve grooming center in a storefront. The grooming equipment will cost

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6.16 Bill plans to open a self-serve grooming center in a storefront. The grooming equipment will cost $160,000. Bill expects the after-tax cash inflows to be $40,000 annually for seven years, after which he plans to scrap the equipment and retire to the beaches of Jamaica.

Assume the required return is 15%. What is the project’s PI? Should it be accepted?

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