1. You are the director of mergers and acquisitions for R&R Dog Company and you just purchased the Milk Bone Dog Biscuit product line from one of your competitors. You expect to generate cash flows of $10 million, $20 million, $30 million and $40 million, respectively, in each year over the next four years.. If R&R's appropriate interest rate is 10 percent, what do you estimate is the value today of Milk Bone's cash flows?

   	a.	$75 million (rounded)
   	b.	$45 million (rounded)
   	c.	$10 million (rounded)
   	d.	$100 million (rounded)