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Time 0 cash flow Equipment $ (95,000,000) Land (0,500,000) NWC 2,612,000! Total ($104,112,000) Sales Year 1 Contract $ 43,000,000 35 Spot 0,240,000 Total $ 52,240,000

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Time 0 cash flow Equipment $ (95,000,000) Land (0,500,000) NWC 2,612,000! Total ($104,112,000) Sales Year 1 Contract $ 43,000,000 35 Spot 0,240,000 Total $ 52,240,000 $ Year 2 43,000,000 13,860,000 56,880,000

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