1. What is the net present value (NPV) of the following sequence of cash flows at a discount rate of 9 percent? (hint: the year 0 cash flow is negative because it is a cost, the investment cost, an outflow of money instead of an inflow)

   t = 0	t = 1	t = 2	t = 3
   -25,000	10,000	10,000	25,000

   		$18,430.71
   		$20,000.00
   		$11,895.70
   		$40,190.04