Moates Corporation has provided the following data concerning an investment project that it is considering:

Initial investment	$	410,000
Annual cash flow	$	117,000	per year
Expected life of the project		4	years
Discount rate		9	%

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided.

The net present value of the project is closest to:

Multiple Choice

• $58,000

• $410,000

• $378,963

• $(31,037)