A project has the following forecasted cash flows:

Cash Flows ($ thousands)
C0	C1	C2	C3
130	+70	+90	+80

The estimated project beta is 1.56. The market return r_m is 18%, and the risk-free rate r_f is 3%.

a. Estimate the opportunity cost of capital and the projects PV (using the same rate to discount each cash flow). (Do not round intermediate calculations. Enter your cost of capital answer as a percent and enter your PV answer in thousands. Round your answers to 2 decimal places.)

Cost of capital	%
PV	$

b. What are the certainty-equivalent cash flows in each year? (Do not round intermediate calculations. Enter your answers in thousands rounded to 2 decimal places.)

Year	Certainty-Equivalent Cash Flow
1	$
2	$
3	$

c. What is the ratio of the certainty-equivalent cash flow to the expected cash flow in each year? (Do not round intermediate calculations. Round your answers to 4 decimal places.)

Year	Ratio
1
2
3