4. (TCO 3 and 4) What is the net present value of a project with the following cash flows, if the discount rate is 10 percent? Year 0 1 2 3 4 Cash flow -$32,000 $9,000 $10,000 $15,200 $7,800 (Points : 4) $1,085.25 $1,193.77 $3,498.28 $4,102.86 $4,513.15 5. (TCO 4) Howard Company is considering a new project that will require an initial cash investment of $575,000. The project will produce no cash flows for the first three years. The projected cash flows for years 4 through 8 are $73,000, $112,000, $124,000, $136,000, and $145,000, respectively. How long will it take the firm to recover its initial investment in this project? (Points : 4) 5.81 years 6.05 years 6.96 years 7.90 years This project never pays back