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Project X Project Y Initial investment (CF0) -$500,000 -$325,000 Year (t) 1 Cash inflows (CF) $100,000 $140,000 2 120,000 120,000 3 150,000 95,000 4

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Project X Project Y Initial investment (CF0) -$500,000 -$325,000 Year (t) 1 Cash inflows (CF) $100,000 $140,000 2 120,000 120,000 3 150,000 95,000 4 190,000 70,000 5 250,000 50,000

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