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Possible to get a projector for $400

Yes, it's possible but you'll have to wait for the right deal. Tiger Direct had a 720p Acer refurb for $300 recently, for example.
 
I just got a epson MM50 for 349 clearanced out at BB. Its res is decent but the integrated DVD player and carrying case make it ideal to put outside in the backyard so the kids could all watch movies.
 
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