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A project costs $ 1 5 misslion and is expected to prodcuce cash flows of $ 3 0 million a year for 1 0 years.

A project costs $15 misslion and is expected to prodcuce cash flows of $30 million a year for 10 years. The opportunity cost of capital is 14 percent. If the firm has to issue stock to undertake the project and issue costs are $500,000, what is the projects APV?

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