Project C requires $10,600 cash outlay today and is expected to generate after-tax cash flows of $5,000

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Question:

Project C requires $10,600 cash outlay today and is expected to generate after-tax cash flows of $5,000 for each of the next three years. Assume that the appropriate discount is 15 percent. Use the Equivalent Annual NPV Method to determine which project Horst and Nigel should choose.