A project has an expected risky cash flow of $600 in years 1, 2 and 3. The risk-free rate is 4 percent, the expected market rate of return is 14 percent, and the project's beta is 1.10.

(A) Calculate the certainty equivalents cash flow for years 1, 2 and 3 (CEQ).

(B) What are the differences between the CEQs and risky cash flows for years 1, 2, 3?

(C) What is the PV of the CEQs for years 1, 2, 3?