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A company pays $120,000 to purchase a property. The company pays $3,000 at the end of each of the next 6 months to renovate the

A company pays $120,000 to purchase a property. The company pays $3,000 at the end of each of the next 6 months to renovate the property. At the end of the eighth month, the company sells the property for $150,000. Find the net present value of this project for the company at an annual effective rate of 8%.

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