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You have to choose between 2 investments, The first investment requires you to pay $1,989,453 three years from now, but it will earn you cash flow every year from the 2nd year to the 6th year; starting with $129,827 on the 2nd year, and this will grow 5% per year for 3 years: plus, you'll get back a lump sum of $1,639,837 on the 6th year The second investment requires you to pay only $1,873,963 today, and then you'll earn $423,296 beginning 1 year from now and this will continue until the 5th year. Government bond rate stands at 2.3% You can afford either investment, but can only choose one. With the NPV concept, which is a better investment for you, and by how much is it better