A 4-year financial project has estimates of net cash flows shown in the following table:

must be invested at the beginning of the project. After the fourth year, the project will have no residual value.
Using the most likely estimates of cash flows, conduct a discounted cash flow calculation assuming a 20 percent hurdle rate with no inflation. (You may use either an Excel® or a paper-and-pencil calculation.) What is the discounted profitability index of the project?

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4 3 Year 1 2 Net Cash Flow $20,000 25,000 30,000 35,000