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A project has a first cost of $1 million (no salvage value). The annual cash flow before taxes (starting at year 1) is $450,000 per

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A project has a first cost of $1 million (no salvage value). The annual cash flow before taxes (starting at year 1) is $450,000 per year. Use an inflation rate of 3% per year, the MACRS for a 3-year recovery period and a MARR of 12% per year to compute the constant value PW for a 4-year study period. Is the project economically justified

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