10. Net present value. Lepton Industries has four potential projects, all with an initial cost of $1,500,000. The capital budget for the year will allow Lepton to accept only one of the four projects. Given the discount rate and the future cash flow of each project, determine which project Lepton should accept Cash Flow Project Q Project R Project S Cash flow year 1 Cash flow year Cash flow year 3 Cash flow year 4 Cash flow year 5 Discount rate $350,000 $350,000 $350,000 $350,000 $350,000 4% $400,000 E SA $400,000 $400,000 $400,000 $400,000 8% $700,000 $600,000 $500,000 $400,000 $300,000 13% Project T $ 200,000 $ 400,000 $ 600,000 $ 800,000 $1,000,000 18%

Net present value. Lepton Industries has four potential projects, all with an initial cost of $1,500,000. The capital budget for the year will allow Lepton to accept only one of the four projects. Given the discount rate and the future cash flow of