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Norris Co.has developed an improved version of its most popular product.To get this improvement to the market will cost $48 million but the project will return an additional $13.5 million for 5 years in net cash flows.The firm's debt-equity ratio is .25,the cost of equity is 13 percent,the pretax cost of debt is 9 percent,and the tax rate is 21 percent.All interest is tax deductible.What is the net present value of this proposed project?
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