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You are considering a 5-year investment project which is expected to cost $1, 000, 000. In each year, you have decided that there are 3

You are considering a 5-year investment project which is expected to cost $1, 000, 000. In each year, you have decided that there are 3 possible states of the economy: good, average, and poor. In each individual year there is a 35% chance of the economy being good and a 15% chance of it being poor. You forecast the following net cash flows for the project:

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