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Project S requires an initial outlay at t = 0 of $11,000, and its expected cash flows would be $4,500 per year for 5 years. M

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cash flows discounted cash flows YEAR -$11,000 $4,500 $4,500 $4,500 $4,500 $4,500 -$40,000 $14,800 $14,800 $14,800 $14,800 $1

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