Exercise 1.1 Consider the following cash flows over the next five years, in millions of dollars ($M). 110, 135, 160, 185, and 198 a. What is the present value (PV) of the project at t = 0, assuming a discount rate r=8%?. b. What is the present value (PV) of the project at t = 0, assuming a discount rate of r=11.5%? c. If the initial investment at t = 0 is $600M, should the project be pursued in either part a or b? Justify your answer by determining the NPV at t=0