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Garcia Co . can invest in one of two alternative projects. Project Y requires a $ 3 6 0 , 0 0 0 initial investment

Garcia Co. can invest in one of two alternative projects. Project Y requires a $360,000 initial investment for new machinery with a fouryear life and no salvage value. Project Z requires a $360,000 initial investment for new machinery with a three-year life and no salvage value. The two projects yield the following annual results. Cash flows occur evenly within each year.
\table[[Annual Amounts,Project Y,Project Z],[Sales of new product,$400,000,$500,000
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