Complete the decision tree table by calculating the net present values (NPVs) and joint probabilities, as well as products of joint probabilities and NPVs for each decision branch. Assume that the weighted average cost of capital (WACC) is 9% for all decision branches. Hint: Use either a spreadsheet programs functions or a financial calculator for this task. Round the NPVs to the nearest dollar and remember to enter the minus sign if a value is negative.

Note: All cash amounts in the following table are in thousands of dollars.

Step 0	Step 1		Step 2		Step 3	Step 4	Step 5
______________	Prob	2nd Invest	Prob	_________	Inflow			NPV	Joint Prob	NPV x Joint Prob
1st Invest				3rd Invest				($)	(%)	($)
			(2) 55%	$10,269	(3) $4,761	$8,237	$20,065	13,666	52.25	7,140
	95%	$200	(2) 35%	$10,000	(3) $1,900	$2,345	$7,800	?	?	?
(1) $60			(2) 10%	Stop	(3) $0	$0	$0	?	?	?
	5%	Stop		$0	$0	$0	$0	?	?	?
									Expected NPV =	?

Based on your calculations, you recommend that Free Spirit Industries Inc. Accepts project, rejects the new project, discontinues all old products and switches to itoy, or delays the new project