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What is the NPV of a project that costs $ 1 1 , 0 0 0 today and another $ 8 , 0 0 0

What is the NPV of a project that costs $

11, 000

today and another $

8, 000

in one year, and is then expected to generate

9

annual

cash inflows of $

3, 000

starting at the end of year

4 .

Cost of capital is

12 % .

Round to the nearest dollar.

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