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A companys average operating assets are P220,000 and its net operating income is P44,000. The company invested in new project, increasing average assets to P250,000

A company’s average operating assets are P220,000 and its net operating income is P44,000. The company invested in new project, increasing average assets to P250,000 and increasing net operating income to P49,550. What is the project’s residual income if the required rate of return is 20%?

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