Calculate the NPV for the following projects.
a. An outflow of $7,000 followed by inflows of $3,000, $2,500, and $3,500 at one year intervals at a cost of capital of 7%.
b. An initial outlay of $35,400 followed by inflows of $6,500 for three years and then a single inflow in the fourth year of $18,000 at a cost of capital of 9%. (Recognize the first three inflows as an annuity in your calculations.)
c. An initial outlay of $27,500 followed by an inflow of $3,000 followed by five years of inflows of $5,500 at a cost of capital of 10%. [Recognize the last five inflows as an annuity, but notice that it requires a treatment different from the annuity in part (b).]