Your grandmother gives you $25,000 to be invested in one of three opportunities: real estate, regular bonds, or zero-coupon bonds. If you invest the entire $25,000 in one of these opportunities with the expected cash flows shown below, which investment offers the highest NPV? Assume for simplicity that an 8 percent discount rate is appropriate for all three investments.

Year 1 Year 2 $1,700 $3,000 Year 5 Year 3 $1,700 $3,000 $0 Year 4 $1,700 $3,000 $0 $31,700 $28,000 $36,000 $1,700 $3,000 $0 Real Estate Bond Zero Coupon $0