QUESTION 3 For the cash flow and rate given below, what value of M will make the inflows and outflows equivalent? NPERY 2 APR (NOM) 12% Per Year Effective Year Cash Inflow Cash Outflow 0 $15,000 ($12,000) 1 $1,600 ($36,000) 2 +9M -27M 3 +18M ($16,000) 4 $25,000 $0 5 $0 ($18,500) 6 +40M ($14,500) 7 $0 ($61,500) 8 $27,500 -36M A. $12,323 B. $13,801 C. $14,701 D. $13,500