49. Bullets Format: Johnson & Johnson is evaluating its investment in pharmaceutical research projects. The company's research projects include:

• Oncology Research: Initial investment of $20 million, expected annual cash flows of $5 million for ten years.
• Infectious Disease Research: Initial investment of $15 million, expected annual cash flows of $4 million for eight years.
• Neurology Research: Initial investment of $25 million, expected annual cash flows of $6 million for twelve years.

Calculate the net present value (NPV) for each research project using a discount rate of 10%.