Instructions: Questions 44-45 use the fact pattern on tab Q44-45 in the Workbook. Answers should be rounded to the nearest whole number, comma separating 000s, NOT written in currency format. So if the answer is $5,505,210.50, you would input 5,505,210.

A) What is the NPV assuming cash flows all come at the end of each period?

B) What is the NPV assuming cash flows all come at the beginning of each period?

FACT PATTERN Current date: Period ending (Notice the dates are not consistent!) 1/1/2014 9/1/2014 6/3/2015 12/31/2015 8/31/2017 11/30/2018 0 1,000.0 1,000.0 1,500.0 1,250.0 1,500.0 10.00% Free Cash Flow Discount rate