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A project has an initial cost of $40,450, expected net cash inflows of $15,000 per year for 12 years, and a cost of capital of

A project has an initial cost of $40,450, expected net cash inflows of $15,000 per year for 12 years, and a cost of capital of 12%. What is the project's PI? Do not round your intermediate calculations. Round your answer to two decimal places.

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