Question 6 A company is considering a project which requires an immediate payment of 2,000,000 and a further payment of 4,450,000 in one year's time. Income from the project will be received continuously from the start of the second year at a rate of 1,500,000 per annum, and this rate is expected be 3% greater in each subsequent year until the project finishes at the end of year 10. Calculate the net present value of the project at 10% per annum effective. [6 marks]