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Oakland Shop is considering the purchase of a used printing press costing $9,600. The printing press would generate an annual cash flow of $4,000 per

Oakland Shop is considering the purchase of a used printing press costing $9,600. The printing press would generate an annual cash flow of $4,000 per year for three years. At the end of three years, the press would have no salvage value. The companys cost of capital is 10 percent. The company uses straight-line depreciation with no mid-year convention. What is the net present value for the press, assuming no taxes are paid?

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