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Initial cash outflow Year 1 cash inflow Year 2 cash inflow Project 1 -$4,000,000 Project 2 -$5,000,000 Project 3 -$10,000,000 Project 4 -$5,000,000 1,000,000

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Initial cash outflow Year 1 cash inflow Year 2 cash inflow Project 1 -$4,000,000 Project 2 -$5,000,000 Project 3 -$10,000,000 Project 4 -$5,000,000 1,000,000 2,000,000 4,000,000 2,700,000 2,000,000 3,000,000 6,000,000 2,700,000 Year 3 cash inflow 3,000,000 3,000,000 5,000,000 2,700,000

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