A friend wants to borrow money from you. He states that he will pay you $3,700 every 6 months for 12 years with the first payment exactly 5 years and six months from today. The interest rate is 4.7 percent compounded semiannually. What is the value of the payments today?

$53,337.90

$55,115.83

$53,478.71

$52,113.23

$42,664.69

Also, a company. has a project available with the following cash flows:

Year	Cash Flow
0	$35,510
1	12,630
2	14,740
3	19,800
4	11,120

If the required return for the project is 8.1 percent, what is the project's NPV?