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A firm with an 8% WACC is evaluating two mutually exclusive projects with the following cash flows (in millions); calculate payback for the project that

A firm with an 8% WACC is evaluating two mutually exclusive projects with the following cash flows (in millions); calculate payback for the project that maximizes shareholder value.

t =	0	1	2	3	4	5
Project S	-40	18	18	18	10	10
Project T	-65	20	20	20	25	25

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