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eBook Profitability Index A project has an initial cost of $40,000, expected net cash inflows of $10,000 per year for 9 years, and a cost

eBook Profitability Index A project has an initial cost of $40,000, expected net cash inflows of $10,000 per year for 9 years, and a cost of capital of 9%.

What is the project's PI? (Hint: Begin by constructing a time line.) Do not round intermediate calculations. Round your answer to two decimal places.

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