. CBA Corporation is considering a proposed project for its capital budget. The project will cost, if undertaken today, $12,000,000. The project has a life of 4 years. The annual (after-tax) cash inflow of the project depends on the state of the economy. The corporation has performed the following scenario analysis regarding the (after-tax) annual cash flow (cash flow per year for 4 years, year 1 through Year 4): Economic Scenario Probability of Outcome Annual Cash Flow Recession 0.40 $3 million Normal 0.40 $6 million Boom 0.20 $8 million The appropriate cost of capital is 11%. Calculate the projects NPV under each economic scenario, the projects expected NPV, the standard deviation, and its coefficient of variation. If the coefficient of variation of an average project CBA undertakes is 1, is this project more risky than the average project?