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Im confused on the Project 3 cash flow which is highlighted in the picture ,where...

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Finance

Im confused on the Project 3 cash flow which is highlighted in the picture ,where does 9500 come from ?
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The Studio Company manufactures office equipment and is currently analyzing three projects under consideration. The data on the three proposals are as follows: 1. Using a discount rate of 10%, compute the Net Present Value (NPV) for each project. Project 1: Clear All Enter 15000 and change the sign (+l) and press CFj Enter 7250 and press CF again Enter 3 and press FREQ Enter 10 and press IYYR Press the shift key and press NPV The answer will come back as NPV =$3,029.68 Project 2: Clear All Enter 24000 and change the sign (/) and press CFj Enter 8500 and press CFj again Enter 3 and press FREQ Enter 7000 and pross CFj Enter 3 and press FREQ Enter 10 and press I/YR Press the shift key and press NPV The answer will come back as NPV=$10,217.10 Project 3: Clear All Enter 30000 and change the sign (+l-) and press CFj Enter 9500 and press CFj again Enter 3 and press FREQ Enter 13250 and press CFj Enter 3 and press FREQ Enter 10 and press I/YR Press the shift key and press NPV The answer will come back as NPV =18,381.51

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