NCF NPV = (1+) ET PI = 1 + NPV/initial investment 30 points A firm is trying to choose between 3 investments, all have a cost of capital of 12%. Year Project 1 Project 2 Project 3 Initial outlay $155,000 1,000,000 15,000 1 $ 50,000 450,000 0 30,000 250,000 15,000 45,000 100,000 0 20,000 150,000 10,000 N 3 4 15,000 150,000 5 55,000 Find NPV IRR PI