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Microsoft Corporation is evaluating a new investment project with an initial outlay of $100 million. The project is expected to generate annual cash flows of

Microsoft Corporation is evaluating a new investment project with an initial outlay of $100 million. The project is expected to generate annual cash flows of $30 million for the next 5 years. Additionally, Microsoft's tax rate is 25%. Calculate the net present value (NPV) of the project, taking into account the tax shield on depreciation.

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