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Two mutually exclusive projects are analyzed using a 12.5% discount rate. Project 1 has a life of 6 years and Project 2 has a life

Two mutually exclusive projects are analyzed using a 12.5% discount rate. Project 1 has a life of 6 years and Project 2 has a life of 3 years. The NPV of Project 1 is $43 million. The equivalent annual annuity (in $millions) for Project 1 is:

options:

10.61

9.82

12.31

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