Suppose you spend $10,000 today (t = 0) to purchase a Mercury tanning salon franchise. The franchise generates a one-time positive cash inflow of $50,000 at the end of the first year (t = 1). You receive no other cash flows. Assume the real rate of interest is 3%. Assume expected inflation is 2%. Assume the risk premium is 10%. The NPV of this franchise is: $50,000 $43,478 $40,000 $33,478 $60,000