Problem 7-12 Washington Community 3 Years 0 1 2 3 5 Givens 1 Initial investment 2 Net operating cash flows 3 Discount rate for part b 4 Discount rate for parte $2,000,000 $4,000,000 $5,000,000 $9,000,000 *** 15% 20% 8 9 10 11 12 13 Payback A Initial investment B Net operating cash flows C Cumulative cash flows Payback - Year 4 [Given 11########## (Given 21 [a] $2,000,000 $4,000,000 $5,000,000 $9.000.000 15 b. Net present value: 16 D Present value interest factors for 15' 11+1)" 7 E Present value of cash flows [BxD] 8 FSum of annual cash flows [Sum E) $0 9 G1 Net present value [A+F] ##*****## $7,118,014