If your required rate of return is 25%, how long should you operate the project?

		four years
		three years
		two years
		none of the above

You have a project that can span four years, but you have the option to end it after either year two or year three. The cash flows associated with the project are shown in the table below. Year Cash Flows: no early termination (in millions) -10 3 3 Cash Flows: terminate after three years (in millions) -10 3 Cash Flows: terminate after two years (in millions) -10 3 8 0 1 2 3 3 4 8 4 7