The Three Stooges partnership is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows.
Project Moe Project Larry Project Curly
Capital investment $150,000 $160,000 $200,000

Year
Annual net income:
1 13,000 18,000 27,000
2 13,000 17,000 22,000
3 13,000 16,000 21,000
4 13,000 12,000 13,000
5 13,000 9,000 12,000

Total $65,000
$72,000
$95,000



Depreciation is computed by the straight-line method with no salvage value. The company's cost of capital is 15%. (Assume that cash flows occur evenly throughout the year.)

Compute the net present value for each project. (Round computations for 15% Discount Factor to 5 decimal places. Round answers to 0 decimal places, e.g. 125. If the net present value is negative, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Project Moe $
Project Larry $
Project Curly $

Here is a link to an online text with a capital budgeting section:
Principles of Accounting Chapter 24 (http://www.principlesofaccounting.com/chapter%2024.htm#CAPITAL%20EXPENDITURE%20DECISIONS )

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