Briarcrest Condiments is a spice-making firm. Recently, it developed a new process for producing spices. The process requires new machinery that would cost \$1,937,742. have a life of five years, and would produce the cash flows shown in the following table.
Year Cash Flow
1 \$586,859
2 -276,364
3 823,600
4 827,781
5 671,879

What is the NPV if the discount rate is 14.33 percent? (Enter negative amounts using negative sign e.g. -45.25. Round answer to 2 decimal places, e.g. 15.25.)

Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of \$12.20 million. This investment will consist of \$2.90 million for land and \$9.30 million for trucks and other equipment. The land, all trucks, and all other equipment is expected to be sold at the end of 10 years at a price of \$5.20 million, \$2.29 million above book value. The farm is expected to produce revenue of \$2.05 million each year, and annual cash flow from operations equals \$1.92 million. The marginal tax rate is 35 percent, and the appropriate discount rate is 10 percent. Calculate the NPV of this investment. (Round intermediate calculations and final answer to 2 decimal places, e.g. 15.25.)

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