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Johnson Ind. is considering an expansion project. The necessary equipment could be purchased for $9 million and the project would require an initial $3 million

Johnson Ind. is considering an expansion project. The necessary equipment could be purchased for $9 million and the project would require an initial $3 million investment in net operating working capital. The company's tax rate is 40%.

What is the project's initial investment outlay? Explain why your answer is correct.

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