A firm is evaluating the following project. What is the NPV at each required return?

Required return 11%

Required return 25%

Annual cash flows:

Year 0 ($28,000)

Year 1 $12,000

Year 2 $15,000

Year 3 $11,000

Complete the following analysis using excel cells and formulas (hint =NPV):

NPV at 11% NPV at 25%