Darin Clay, the CFO of MakeMoney.com, has to decide between the following two projects:

Year Project Million Project Billion

0 $ 2,400 $Io

1 lo + 280 lo + 1,000

2 1,080 1,800

3 1,800 2,800

The expected rate of return for either of the two projects is 12 percent. What is the range of initial investment (Io) for which Project Billion is more financially attractive than Project Million? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

Initial investment less than, equal to, or more than $_______________