Net present value. Lepton Industries has a project with the following projected cash flows:

Initial cost: $464,000

Cash flow year one: $131,000

Cash flow year two: $290,000

Cash flow year three: $184,000

Cash flow year four: $131,000

a. Using a discount rate of 12% 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 16%?

c. Should the company accept or reject it using a discount rate of 21%?