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Questions 77 - 78 relate to the following information. Consider a project with a profile of costs and benefits as illustrated in Table 5. Benefits Costs Yr 1 0 200 Yr 2 0 100 Yr3 850 50 Net Benefits -200 -100 800 0 Table 5 If this project is delayed by two years, the first-year cost is expected to fall by 10% to $180 (due to an anticipated technological breakthrough). All other costs and benefits are expected to remain the same. 77. Using a discount rate of 3%, A. the project should be delayed because the net-benefit of doing so (as viewed from today) is $45 B. the project should be delayed because the net-benefit of doing so (as viewed from today) is $7 C. the project should not be delayed because the net-benefit of doing so (as viewed from today) is negative $7 D. the project should not be delayed because the net-benefit of doing so (as viewed from today) is negative $45 78. Using a discount rate of 3%, by how much would the first-period cost have to fall to make a two-year delay just worthwhile? A. approximately $28 B. approximately $32 C. approximately $38 D. approximately $45 Questions 79 - 82 relate to the following information. Consider a project with a profile of costs and benefits as illustrated in Table 6. Yr 2 Benefits Costs Yr 1 0 50 0 50 Yr 3 200 10 Net Benefits -50 -50 190 D Table 6 Suppose this project begins, and the first-year cost of $50 is incurred. At the beginning of the second year, a change in market conditions leads to a revision of future costs. In particular, cost in year 2 is now expected to be $150. No other costs or benefits are expected to change. Assume a discount rate of 2%. 79. Had the information on market conditions been available before the project began, what would have been the NPV of the project? A. negative $21 B. negative $14 C. $3 D. $12 80. Is the calculation from Q79 relevant to whether or not the project should continue? A. Yes. B. No. 81. Suppose only $25 of the first-year cost is sunk, and $25 can be recovered if the project is terminated. What is the continuation payoff for the project? A. negative $25 B. $11 C. $25 D. $32