20. Use the following we Estan Al 2.487 A company has a minim e free of 12 is considering as that costs $455.000 is expected to be shows of $190,000 end of each year for three years. The met a bos investments 5456,380 b. 51.350. e. S17.530. 52.160. 21. Dayan, Inc. recently invested in with year fol . The per 59.000 and meta l cash flows were 1.000 for year through year. The initial investment in the asset mag 15% mialem desired rate of return, was use the following table) PV of an Annuity Payments of lat 15% 0.860 1.626 a b. e. d. $47,943 $32.943 S38,9-13. $56,943. 22. The present value index a provides a present value factor used to determine net present value (NPV). b. is calculated by dividing the net present value of the investment by the amount to be invested. c. is calculated by dividing the total present value of net cash flows by the amount to be invested. d. can never have a value of 1. 23. Clive Martin, Inc. is considering a capital investment (equipment) costing $150,000 with a 6- year useful life, and equal annual cash flows. The equipment has an internal rate of return (IRR) of 12%. Use the following table: Present Value of an Annuity of Payments 8% 9% 10% 11% 12% 15% 6 4.623 4.486 4.355 4.231 4.111 3.784 What is the approximate net present value (NPV) of this investment evaluated at 10%? a. 58,903 b. $25,000 c. $34,443 d. $36,487