11. Suppose a company has proposed a new 4-year project. The project has an initial outlay of $70,000 and has expected cash flows of $20,000 in year 1, $22,000 in year 2, $28,000 in year 3, and $33,000 in year 4. The required rate of return is 13% for projects at this company. What is the discounted payback for this project? (Answer to the nearest tenth of a year, e.g. 3.2)

12. Suppose a company has proposed a new 4-year project. The project has an initial outlay of $34,000 and has expected cash flows of $8,000 in year 1, $9,000 in year 2, $10,000 in year 3, and $14,000 in year 4. The required rate of return is 15% for projects at this company. What is the net present value for this project? (Answer to the nearest dollar.)

13. Suppose a company has two mutually exclusive projects, both of which are three years in length. Project A has an initial outlay of $6,000 and has expected cash flows of $2,000 in year 1, $5,000 in year 2, and $5,000 in year 3. Project B has an initial outlay of $7,000 and has expected cash flows of $3,000 in year 1, $4,000 in year 2, and $5,000 in year 3. The required rate of return is 16% for projects at this company. What is the net present value for the best project? (Answer to the nearest dollar.)