A proposed development would require the investment of $3 million at the beginning of the first year and a further investment of $3 million at the end of the first year. It is expected to yield annual year-end profits of $1 million starting in year 2. The development will be sustained for 10 years with an additional cost of $1 million of close the development at the end of the last year of operations. Will the project provide the company with a rate of return exceeding its 10% cost of capital?