Select which bolded term is the best term below.

Any financial decisions require the analysis of uneven, or nonconstant, cash flows. (Preferred/Common) stock dividends typically increase over time, and investments in capital equipment almost always generate uneven cash flows. The term cash flow (CFt) denotes (equal/uneven) cash flows, while payment (PMT) designates (equal/uneven) cash flows coming at regular intervals.

One can also find the interest rate of the uneven cash flow stream with a financial calculator and solving for the (net of future value/internal rate of return/net of present value) using the (NFV/IRR/NPV) key.

Quantitative Problem: You own a security with the cash flows shown below.

Year 0: 0

Year 1: 650

Year 2: 365

Year 3: 250

Year 4: 300

If you require an annual return of 12%, what is the present value of this cash flow stream? Round your answer to the nearest cent. Do not round intermediate calculations. $