Cash Flow Model Discount rate Year Initial outlay 0 Year 1 1 Year 2 2 Year 3 3 Year 4 4 Year 5 5 NPV Acceptable minimum value Chances of a positive NPV CELL FORMULAE 15% APPLIED UNIFORM CHOICE(0.12,0.13,0.14,0.15,0. Cash flow (110,614)-APPLIED TRIANGULAR_VALUE(75000,81000,8500 3,775 APPLIED TRIANGULAR VALUE(400,600,800)*6 6,703 APPLIED TRIANGULAR VALUE(400,600,800)*12 7,338 APPLIED TRIANGULAR_VALUE(400,600,800)*12 7,644 APPLIED TRIANGULAR_VALUE(400,600,800)*12 146,986 APPLIED TRIANGULAR_VALUE(400,600,800)*12+A (19,990) NPV(C2,C5.09)+C4 0 13.9% SIMULATIONRESULT(C10,D12) The above is an extract from a spreadsheet produced after a monte carlo simulation of 500 iterations. The formulae used in each cell are printed to the right of the cell. What does the figure of 13.9% mean? There is a 0.139 chance that the project will make the investor better off There is a 0.139 chance that the project will make the investor worse off There is zero chance that the project will generate a return of 13.9% There is a 0.139 chance that the NPV of the project will be zero