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Determine the equivalent annual annuity for the following project if the appropriate discount rate is...

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Finance

Determine the equivalent annual annuity for the following project if the appropriate discount rate is 15%.

Initial Outlay = $1,200

Cash Flow Yr 1 = $800

Cash Flow Yr 2 = $500

Cash Flow Yr 3 = $700

a) $50

b) $146

c) $674

d) $431

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