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Julie Collins recently invested in a project that promised an internal rate of return of 15 percent

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Julie Collins recently invested in a project that promised an internal rate of return of 15 percent. If the project has an expected annual cash inflow of $12,000 for six years, with no salvage value, how much did Julie pay for the project?

Present value tables or a financial calculator are required.

1. $35,000
2. $45,414
3. $72,000
4. $31,708