1. Mark Warner has been offered four investment opportunities, all equally priced at $45,000. Because the opportunities differ in risk, Mark's required returns are not the same for each opportunity. The cash flows and required returns for each opportunity are summarized below.
   1. Find the present value of each of the four investment opportunities.
   2. Which, if any, opportunities are acceptable? Which opportunity should Mark take?
   3. Calculate the NPV. Is the decision of Mark still the same?

Opportunity	Cash Flows		Required Return
A	75,000 at the end of the year 5		12%
B	Year	Cash Flow	15%
	1	10,000
	2	12,000
	3	18,000
	4	10,000
	5	13,000
C	5,000 at the end of each year for the next 30 years		10%
D	7,000 at the beginning of each year for the next 20 years		18%