1.) Chance, Inc. is considering a project with an initial cost of $1.03 million. The project will not produce any cash flows for the first two years. Starting in year 3, the project will produce cash inflows of $657,000 a year for 8 years. This project is risky, so the firm has assigned it a discount rate of 20.2 percent. What is the net present value?

2.) What is the net present value of a project that has an initial cost of $83,000 and produces cash inflows of $23,000 a year for 10 years if the discount rate is 15 percent?

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