(NPV with varying rates of return) Johnson Motors is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $5,000,000 and will generate annual free cash inflows of $1 million per year for eight years. Calculate the project’s NPV given:
1. A required rate of return of 9 percent
2. A required rate of return of 11 percent
3. A required rate of return of 13 percent
