21 Given the following ng annual net cash flows, determine the internal rate of return to the cash ole percent of a project with an initial outlay of $1,520. Year Net Cash Flow $1,000 $1,500 $500 A. B, C. D. 48% 40% 32% 28% 22. What is the NPV of a project that costs $100,000 and returns $45,000 annually for three years if the opportunity cost of capital is 14%? A. $3,397.57 B. $4,473.44 C. $16,100.00 D. $35,000.00 23. The decision rule for net present value is to: A. accept all projects with cash inflows exceeding initial cost. B. reject all projects with rates of return exceeding the opportunity cost of capital. C. accept all projects with positive net present values. D. reject all projects lasting longer than 10 years. 24. Which of the following changes will increase the NPV of a project? A. A decrease in the discount rate B. A decrease in the size of the cash inflows C. An increase in the initial cost of the project D. A decrease in the number of cash inflows