Future Value and Multiple Cash Flows Herlige Narren AS has identified an investment project with the following cash flows. If the discount rate is 10 per cent, what is the future value of these cash flows at the end of year 5? What is the future value at a discount rate of 15 per cent? At 20 per cent? Assume all the cash flows have occurred at the beginning of the year.

Year Cash flow

(DKK)

1 950 2 1,190 3 1,540 4 1,905