You have to projects 1 - 4 - Cost of capital = 15% . Both projects have an initial outflow of 9500 $ Which project has a higher NPV? Cash flow for the year, $ Project 1 2 3 4 1 6500 6200 5000 4600 2 5000 4500 4000 3000 3 6500 6800 7000 8000 4 7000 5000 3800 2000