Channel Tunnel Inc. plans to build an additional 23-mile-long tunnel under the English Channel for added train service. The cost (NINV) of the tunnel is expected to be $2.4 billion. Net cash inflows are expected to equal $463 million per year. How many years must the firm generate this cash inflow stream for investors to earn their required 19 percent rate of return? Use Table IV to answer the question. Round your answer to the nearest whole number.

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TABLE N Present Value of an Annuity Interest Factor (PVIFA) ($1 per period at 7% per period for n periods); PVIFA Period, n 1% 1 2345678 8 9 10 11 12 13 14 15 16 17 18 006052800 19 24 30 40 1234567 Period, n 14% = 12 13 14 15 3.889 3.784 7 4.288 4.160 8 4.639 9 10 11 18 19 20 24 25 30 40 50 5m 60 7% 11% 12% 0.935 0.901 0.893 4% 5% 6% 0.962 0.952 0.943 1.833 1.808 2.673 2.624 1.713 2.444 3.240 3.170 3.102 2% 3% 0.990 0.980 0.971 1.970 1.942 1.913 1.886 1.859 2.941 2.884 2.829 2.775 2.723 3.902 3.808 3.717 3.630 3.546 3.465 3.387 4.853 4.713 4.580 4.452 4.329 4.212 4.100 5.795 5.601 5.417 5.242 5.076 4.917 6.002 5.786 5.582 6.733 6.463 6.210 7.435 7.108 6.802 6.515 8.111 7.722 7.360 7.024 8.760 8.306 7.887 7.499 9.385 8.863 4.766 3.312 3.993 3.890 3.791 3.696 4.623 4.486 4.355 5.389 5.206 5.033 4.868 5.971 5.747 5.535 5.335 4.231 4.111 4.712 4.564 5.146 4.968 5.328 6.728 6.472 6.230 7.652 7.325 7.020 8.566 8.162 7.786 9.471 8.983 8.530 10.368 9.787 9.253 11.255 10.575 9.954 6.247 5.995 5.759 5.537 6.710 6.418 6.145 5.889 7.139 6.805 6.495 6.207 5.938 5.650 8.384 7.943 7.536 6.814 6.194 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.103 6.424 9.295 8.745 8.244 7.367 6.982 6.628 7.606 6.811 7.191 8.312 7.824 7.379 6.974 7.549 7.120 7.702 7.250 9.604 8.950 8.365 7.839 7.366 12.134 13.004 12.106 11.296 10.563 9.899 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 15.562 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201 17.226 15.678 14.324 13.134 12.085 11.158 10.336 18.046 16.351 14.877 13.590 12.462 11.470 10.594 9.818 21.243 18.914 16.936 15.247 13.799 12.550 11.469 10.529 9.707 22.023 19.523 17.413 15.622 14.094 12.783 11.654 10.675 9.823 25.808 22.397 19.600 17.292 15.373 13.765 12.409 11.258 10.274 32.835 27.355 23.115 19.793 17.159 15.046 13.332 11.925 10.757 39.196 31.424 25.730 21.482 18.256 15.762 13.801 12.233 10.962 34.761 27.676 22.623 18.929 16.161 14.039 12.377 11.048 9.128 8.514 7.963 7.469 8.348 7.784 8.985 9.077 9.427 8.694 44.955 16 6.265 17 6.373 - PVAN PMT (PVIFAi,n) 15% 17% 18% 19% 0.877 0.870 0.855 0.847 0.840 1.647 1.626 1.585 1.566 1.547 2.322 2.283 2.210 2.174 2.140 2.914 2.855 2.798 2.743 2.690 2.639 3.433 3.352 3.274 3.199 3.127 3.058 3.685 3.326 3.020 3.706 3.605 3.242 3.954 3.837 4.031 4.494 4.339 4.193 4.486 4.327 3.589 3.498 3.410 4.039 3.922 3.812 4.487 4.344 4.207 4.078 4.946 4.772 4.607 4.451 4.303 4.163 5.216 5.019 4.833 4.659 5.453 5.234 5.029 4.836 4.656 5.660 5.421 5.197 4.988 4.793 5.842 5.583 5.342 5.118 6.002 5.724 5.468 6.142 5.847 5.575 5.954 5.669 5.749 5.818 4.439 4.611 4.910 4.715 4.533 5.229 5.008 4.802 4.611 5.324 5.092 4.876 4.675 5.405 5.162 4.938 5.475 5.222 4.990 4.775 4.730 6.047 5.877 5.929 6.073 6.097 6.177 6.233 6.467 6.128 6.550 6.198 6.623 6.259 6.835 6.434 6.873 6.464 7.003 6.566 = 7.105 6.642 7.133 6.661 7140 6.665 16% 0.862 1.605 2.246 8% 9% 0.926 0.917 1.783 2.577 5.534 5.273 5.033 5.584 5.316 5.070 6.246 5.880 6240 5.882 20% 0.833 1.528 2.106 10% 0.909 1.759 1.736 2.531 2.487 2.589 2.991 4.812 4.844 7.161 7.487 7.786 8.061 24% 0.806 1.457 1.981 2.404 2.745 4.080 4.097 5.628 5.353 5.101 4.870 4.110 5.746 5.451 5.182 4.937 4.143 5.766 5.467 5.195 4.948 4.147 5.829 5.517 5.235 4.979 4.160 5.871 5.548 5.258 4.997 4.166 5.554 5.262 4.999 4.167 5.555 5.263 5000 4167 6.492 6.750 9.779 8.951 9.915 9.967 9.074 2.759 2.534 2.678 2.937 3.421 3.076 2.786 3.566 3.184 2.868 3.682 3.269 2.930 3.776 3.335 2.978 3.851 3.387 3.013 3.427 3.040 3.912 3.962 3.459 3.061 3.483 3.076 3.503 3.088 4.001 4.033 4.059 3.518 3.097 8.422 7.843 8.055 8.244 9.042 8.304 8.324 28% 32% 0.781 0.758 1.392 1.332 1.868 1.766 2.241 2.096 2.532 2.345 3.529 3.104 3.539 3.109 1.690 2.402 3.546 3.113 3.562 3.121 3.564 3.122 3.569 3.124 3.571 3.125 3.571 3.125 3571 3.125 3.037 3.605 36% 0.735 1.276 1.674 1.966 2.181 2.399 2.455 2.650 2.683 13% 0.885 1.66 2.36 2.974 3.512 2.708 2.727 3.998 4.423 4.799 5.132 5.426 5.687 5.918 6.122 6.302 6.462 6.60 6.725 6.840 6.938 7.025 7.283 7.330 7.496 7.634 7.675 7.687 40% 0.71- 1.22 1.58 1.84 2.03 2.540 2.33 2.603 2.37 2.16 2.26 2.41 2.43 2.45 2.46 2.740 2.47 2.750 2.48 2.758 2.48 2.763 2.49 2.767 2.49 2.770 2.49 2.772 2.49 2.776 2.49 2.776 2.49 2.778 2.50 2.778 2.50 2.778 2.50 2778 250 TABLE N Present Value of an Annuity Interest Factor (PVIFA) ($1 per period at 7% per period for n periods); PVIFA Period, n 1% 1 2345678 8 9 10 11 12 13 14 15 16 17 18 006052800 19 24 30 40 1234567 Period, n 14% = 12 13 14 15 3.889 3.784 7 4.288 4.160 8 4.639 9 10 11 18 19 20 24 25 30 40 50 5m 60 7% 11% 12% 0.935 0.901 0.893 4% 5% 6% 0.962 0.952 0.943 1.833 1.808 2.673 2.624 1.713 2.444 3.240 3.170 3.102 2% 3% 0.990 0.980 0.971 1.970 1.942 1.913 1.886 1.859 2.941 2.884 2.829 2.775 2.723 3.902 3.808 3.717 3.630 3.546 3.465 3.387 4.853 4.713 4.580 4.452 4.329 4.212 4.100 5.795 5.601 5.417 5.242 5.076 4.917 6.002 5.786 5.582 6.733 6.463 6.210 7.435 7.108 6.802 6.515 8.111 7.722 7.360 7.024 8.760 8.306 7.887 7.499 9.385 8.863 4.766 3.312 3.993 3.890 3.791 3.696 4.623 4.486 4.355 5.389 5.206 5.033 4.868 5.971 5.747 5.535 5.335 4.231 4.111 4.712 4.564 5.146 4.968 5.328 6.728 6.472 6.230 7.652 7.325 7.020 8.566 8.162 7.786 9.471 8.983 8.530 10.368 9.787 9.253 11.255 10.575 9.954 6.247 5.995 5.759 5.537 6.710 6.418 6.145 5.889 7.139 6.805 6.495 6.207 5.938 5.650 8.384 7.943 7.536 6.814 6.194 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.103 6.424 9.295 8.745 8.244 7.367 6.982 6.628 7.606 6.811 7.191 8.312 7.824 7.379 6.974 7.549 7.120 7.702 7.250 9.604 8.950 8.365 7.839 7.366 12.134 13.004 12.106 11.296 10.563 9.899 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 15.562 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201 17.226 15.678 14.324 13.134 12.085 11.158 10.336 18.046 16.351 14.877 13.590 12.462 11.470 10.594 9.818 21.243 18.914 16.936 15.247 13.799 12.550 11.469 10.529 9.707 22.023 19.523 17.413 15.622 14.094 12.783 11.654 10.675 9.823 25.808 22.397 19.600 17.292 15.373 13.765 12.409 11.258 10.274 32.835 27.355 23.115 19.793 17.159 15.046 13.332 11.925 10.757 39.196 31.424 25.730 21.482 18.256 15.762 13.801 12.233 10.962 34.761 27.676 22.623 18.929 16.161 14.039 12.377 11.048 9.128 8.514 7.963 7.469 8.348 7.784 8.985 9.077 9.427 8.694 44.955 16 6.265 17 6.373 - PVAN PMT (PVIFAi,n) 15% 17% 18% 19% 0.877 0.870 0.855 0.847 0.840 1.647 1.626 1.585 1.566 1.547 2.322 2.283 2.210 2.174 2.140 2.914 2.855 2.798 2.743 2.690 2.639 3.433 3.352 3.274 3.199 3.127 3.058 3.685 3.326 3.020 3.706 3.605 3.242 3.954 3.837 4.031 4.494 4.339 4.193 4.486 4.327 3.589 3.498 3.410 4.039 3.922 3.812 4.487 4.344 4.207 4.078 4.946 4.772 4.607 4.451 4.303 4.163 5.216 5.019 4.833 4.659 5.453 5.234 5.029 4.836 4.656 5.660 5.421 5.197 4.988 4.793 5.842 5.583 5.342 5.118 6.002 5.724 5.468 6.142 5.847 5.575 5.954 5.669 5.749 5.818 4.439 4.611 4.910 4.715 4.533 5.229 5.008 4.802 4.611 5.324 5.092 4.876 4.675 5.405 5.162 4.938 5.475 5.222 4.990 4.775 4.730 6.047 5.877 5.929 6.073 6.097 6.177 6.233 6.467 6.128 6.550 6.198 6.623 6.259 6.835 6.434 6.873 6.464 7.003 6.566 = 7.105 6.642 7.133 6.661 7140 6.665 16% 0.862 1.605 2.246 8% 9% 0.926 0.917 1.783 2.577 5.534 5.273 5.033 5.584 5.316 5.070 6.246 5.880 6240 5.882 20% 0.833 1.528 2.106 10% 0.909 1.759 1.736 2.531 2.487 2.589 2.991 4.812 4.844 7.161 7.487 7.786 8.061 24% 0.806 1.457 1.981 2.404 2.745 4.080 4.097 5.628 5.353 5.101 4.870 4.110 5.746 5.451 5.182 4.937 4.143 5.766 5.467 5.195 4.948 4.147 5.829 5.517 5.235 4.979 4.160 5.871 5.548 5.258 4.997 4.166 5.554 5.262 4.999 4.167 5.555 5.263 5000 4167 6.492 6.750 9.779 8.951 9.915 9.967 9.074 2.759 2.534 2.678 2.937 3.421 3.076 2.786 3.566 3.184 2.868 3.682 3.269 2.930 3.776 3.335 2.978 3.851 3.387 3.013 3.427 3.040 3.912 3.962 3.459 3.061 3.483 3.076 3.503 3.088 4.001 4.033 4.059 3.518 3.097 8.422 7.843 8.055 8.244 9.042 8.304 8.324 28% 32% 0.781 0.758 1.392 1.332 1.868 1.766 2.241 2.096 2.532 2.345 3.529 3.104 3.539 3.109 1.690 2.402 3.546 3.113 3.562 3.121 3.564 3.122 3.569 3.124 3.571 3.125 3.571 3.125 3571 3.125 3.037 3.605 36% 0.735 1.276 1.674 1.966 2.181 2.399 2.455 2.650 2.683 13% 0.885 1.66 2.36 2.974 3.512 2.708 2.727 3.998 4.423 4.799 5.132 5.426 5.687 5.918 6.122 6.302 6.462 6.60 6.725 6.840 6.938 7.025 7.283 7.330 7.496 7.634 7.675 7.687 40% 0.71- 1.22 1.58 1.84 2.03 2.540 2.33 2.603 2.37 2.16 2.26 2.41 2.43 2.45 2.46 2.740 2.47 2.750 2.48 2.758 2.48 2.763 2.49 2.767 2.49 2.770 2.49 2.772 2.49 2.776 2.49 2.776 2.49 2.778 2.50 2.778 2.50 2.778 2.50 2778 250