Question 11 When you sell a share of stock in a public company that you bought last year, your broker will sell it for you in the primary market in the secondary market as initial public offering as a seasoned equity offering Question 12 What is the payback period for a project with the following cash flows? Cash flows at year 0: -5,182 Cash flows at year 1: 1,139 Cash flows at year 2: 1,989 Cash flows at year 3: 2,019 Cash flows at year 4: 2,189 Cash flows at year 5: 2,892 1 year 2 years 3 years 4 years 5 years 30 Question 13 What is the npv of the following project. discount rate = .107 Year 0: cash flow = -47,456,000 Year 1: cash flow = -1,023,400 Year 3: cash flow = 22,391,000 Year 4: cash flow = 25,582,000 Year 5: cash flow = 23,919,000 -3,643,629 -3,291,444 4,224,658 4,676,696