Solve in excel for all three questions.

1.You are thinking of buying a miniature golf course to operate. It is expected to generate cash flows of $40,000 per year in years one through four and $50,000 per year in years five through eight. If the appropriate discount rate is 10%, what is the present value of these cash flows?

a.$285,288

b.$167,943

c.$235,048

d.$828,230

2. Using the information below calculate the free cash flow.

Depreciation	27,000
EBIT	150,000
Investment in Operating Assets	50,000
Tax Rate	35%
Free Cash Flow	?

3. Using the information below what is the expected return for Security X?

	Risk-free	X	Market
Beta	0.00	1.5	1
Expected	3.00%	?	10.00%