Consider a 3-year project with sales in year 1 of $1,171,700. The sales are expected to grow annually at 6.50%. At the end of each year, the company needs to have ready non-cash working capital equal to 22.50% of the projected sales for the next year. That is, the company will invest enough in NWC at the beginning of each of the three years such that the required proportion is available. If all NWC investments are recovered at the end, what is the amount of the new NWC investment made at the beginning of the third year. $18,250 $18,706 $19,162 $19,619 $20,075
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