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A project has an initial cost of $50,000, expected net cash inflows of $11,000 per year for 11 years, and a cost of capital of

A project has an initial cost of $50,000, expected net cash inflows of $11,000 per year for 11 years, and a cost of capital of 12%. What is the project's PI? (Hint: Begin by constructing a time line.) Do not round intermediate calculations. Round your answer to two decimal places.

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