Kathy is starting a 4-year college today. She expects to pay $20,000 today and at the start of each of the next three years for her college tuition (due at the beginning of each academic year). If she expects her degree will enable her to earn an average of $7,000 more income (after-tax) at the end of each year after she finishes college throughout her 35year career, approximately what is the NPV of her investment if her cost of capital is estimated to be around 5% (thanks to government subsidized student loans) and her first increased annual paycheck will be received five years from today?

		A) roughly $3,000
		B) around $15,000
		C) around $19,000
		D) roughly $20,000
		E) around $24,000

Your firm is looking at a project today with an initial (immediate) cost of $44,000. It will generate annual cash inflows of $12,770 for a total of five years, and then cease, with the first of these five cash inflows coming exactly two years from now. What is the IRR for this project?: (Hint: As always, draw a timeline & be sure to think CAREFULLY about the timing of the cash flows.)

		A) $19,850
		B) 7.85%
		C) 10.0 %
		D) 13.85 %
		E) Cannot determine without more information.