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Two projects have equal net present values when calculated using a 9 % annual effective interest rate. Project 1 requires an investment of $ 1

Two projects have equal net present values when calculated using a 9% annual effective interest rate. Project 1 requires an investment of $18,000 immediately and will return $8,000 at the end of one year and $13,000 at the end of two years. Project 2 requires investments of $9,000 immediately and $X in two years. It will return $3,000 at the end of one year and $11,000 at the end of three years. Find the difference in the net present values of the two projects if they are calculated using a 8% annual effective interest rate. (Round your answer to the nearest cent.)

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