1. All value comes from future cash flows, and making positve net present value decisions is the sign of a good steward of capital and management.

   Everything is built on those core ideas.

   You have run across an investment opportunity.

   The investment promises to pay out $25,000 in fouryears from today.

   The prevailing discount rate is 9% annually.

   How much would you be willing to approximately pay today for this investment opportunity?

   	a.	Willing to pay today = $15,710.63
   	b.	Willing to pay today = $22,935.78
   	c.	Willing to pay today = $20,000.00
   	d.	Willing to pay today = $17,710.63