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CFA Question: GlaxoSmithKline Plc is examining the economic feasibility of developing a new medicine. The initial investment in Year 1 is $ 5 0 0

CFA Question: GlaxoSmithKline Plc is examining the economic feasibility of developing a new medicine. The initial investment in Year 1 is $500 million. The investment in Year 2 is $200 million. There is a 50 percent chance that the medicine will be developed and will be successful. If that happens, GlaxoSmithKline must spend another $100 million in Year 3, but its income from the project in Year 3 will be $500 million, not including the third-year investment. In Years 4,5, and 6, it will earn $400 million a year if the medicine is successful. At the end of Year 6, it intends to sell all rights to the medicine for $600 million. If the medicine is unsuccessful, none of GlaxoSmithKlines investments can be salvaged. Assume that the market return is 12 percent, the risk-free rate is 2 percent, and the beta risk of the project is 2.3. All cash flows occur at the end of each year.
Calculate Net Present Value. Please solve using a Financial Calculator WITH STEPS and what buttons to input. The answer is given as -$147.07milllion however when I input using Financial Calculator I get -$183million which is wrong.

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