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You have just been offered a contract worth $ 1.07 million per year for 7 years. However, to take the contract, you will need to

You have just been offered a contract worth $ 1.07 million per year for 7 years. However, to take the contract, you will need to purchase some new equipment. Your discount rate for this project is 12.3 %. You are still negotiating the purchase price of the equipment. What is the most you can pay for the equipment and still have a positive NPV? The most you can pay for the equipment and achieve the 12.3 % annual return is _ million.

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