1) the time line, 2) inputs to, and 3) output from the financial calculator.

6. You are thinking of establishing a small business. It is expected to generate net cash flows of $9,000 per year in years one and two, and $12,000 in year three, and $15,000 in year four and five. If the appropriate discount rate is 5%, what is the present value of these net cash flows? Find the present values of the cash flow stream using (1) the step-by-step method and (2) calculator CF function method. (all cash flows occur at end of the year)