Darin Clay, the CFO of MakeMoney.com, has to decide between the following two projects: Year Project Million Project Billion 0 $ 3,000 $lo 1 340 1,300 2 1,140 2,100 3 2,100 3,400

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? FILL IN THE INITIAL INVESTMENT AS A POSITIVE NUMBER, SO DO NOT PUT A MINUS SIGN IN FRONT OF YOUR ANSWER (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)