To make the valuation process more realistic, youve decided to switch the valuation method for a project to a mid-year approach. Instead of assuming each cash flow is realized at the end of the year, the technique assumes it occurs exactly half-way through the year. The project has a total of 5 cash flows. The appropriate annual discount rate is 8%. Prior to the change, the project had an initial cash flow of $100k occur at the end of year 1. Each subsequent cash flow of the project increased by $50k, with the final cash flow of $300k occurring at the end of year 5. Using the old method, you computed the PV of the cash flows as $767.89k. What is the PV of the cash flows using mid-year valuation? [hint: there is a short way and a long way to do this problem]