Lepton Industries has a project with the following projected cash flows:

Initial cost: $470,000

Cash flow year one: $120,000

Cash flow year two: $300,000

Cash flow year three: $193,000

Cash flow year four: $120,000

a. Using a discount rate of 11% for this project and the NPV model, determine whether the company should accept or reject this project.

b. Should the company accept or reject it using a discount rate of 14%?

c. Should the company accept or reject it using a discount rate of 22%?