13. Suppose a company has two mutually exclusive projects, both of which are three years in length. Project A has an initial outlay of $8,000 and has expected cash flows of $2,000 in year 1, $4,000 in year 2, and $5,000 in year 3. Project B has an initial outlay of $8,000 and has expected cash flows of $2,000 in year 1, $4,000 in year 2, and $6,000 in year 3. The required rate of return is 13% for projects at this company. What is the net present value for the best project? (Answer to the nearest dollar.)

12. Suppose a company has proposed a new 4-year project. The project has an initial outlay of $26,000 and has expected cash flows of $6,000 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 11% for projects at this company. What is the net present value for this project? (Answer to the nearest dollar.)

11.

Suppose a company has proposed a new 4-year project. The project has an initial outlay of $64,000 and has expected cash flows of $18,000 in year 1, $25,000 in year 2, $29,000 in year 3, and $35,000 in year 4. The required rate of return is 11% 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)