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NO EXCEL An investor makes a $1 million investment in a venture capital project that has an expected payoff of $5 million at the end

NO EXCEL

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An investor makes a $1 million investment in a venture capital project that has an expected payoff of $5 million at the end of four years. The cost of capital is 10 percent. If the conditional annual failure probabilities over the first four years are 10%, 15%, 20% and 15%, what is the expected NPV

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