For example, say you are looking to invest in a project, and your company's WACC is 5%, meaning you will use 5% as your discount rate. The initial I investment is $11 million, and the project will last for ve years, with the following estimated cash flows per year: Discounted Cash Flow Year Cash Flow Discounted Cash Flow (nearest 5) 1 $1 million $952,381 2 $1 million $907,029 3 $4 million $3,455,350 4 $4 million $3,290,810 5 $6 million $4.7o1.157