This case presents the cash flows of eight unidentified investments, all of equal initial investment size. The students task is to rank the projects.

Before doing any calculations, can we rank the projects simply by inspecting the cash flows?

	Exhibit 1
	The Investment Detective
	Project Free Cash Flows (in $ Thousands)
	Project Number		1	2	3	4	5	6	7	8
	Initial Investment		($2,000)	($2,000)	($2,000)	($2,000)	($2,000)	($2,000)	($2,000)	($2,000)
	Year 1		$330	$1,666		$160	280	$2,200	$1,200	($350)
	2		330	334		200	280		900	(60)
	3		330	165		350	280		300	60
	4		330			395	280		90	350
	5		330			432	280		70	700
	6		330			440	280			1,200
	7		330			442	280			2,250
	8		1,000			444	280
	9					446	280
	10					448	280
	11					450	280
	12					451	280
	13					451	280
	14					452	280
	15				10,000	(2,000)	280
	Sum of Cash Flow Benefits		$3,310	$2,165	$10,000	$3,561	$4,200	$2,200	$2,560	$4,150
	Excess of Cash Flow
	Over Initial Investment		$1,310	$165	$8,000	$1,561	$2,200	$200	$560	$2,150