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A proposed project will cost $1.5 million to start up today. It will generate cash flows of $0 in years 1-3 and $286,000 in year

A proposed project will cost $1.5 million to start up today. It will generate cash flows of $0 in years 1-3 and $286,000 in year 4, after which the yearly cash flows will increase at a terminal growth rate of 3% in perpetuity. With a discount rate of 15% what is the project's PI?

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