1. A consulting project will generate revenue of $22,288.00 next quarter. Revenues will increase by 1.00% per quarter for a 3.00 year period. If the consulting firm wants a 9.68% APR (with quarterly compounding) return on their projects, what is the value of the project to the firm today?

2. At the beginning of the year, long-term debt of a firm is $274 and total debt is $322. At the end of the year, long-term debt is $252 and total debt is $332. The interest paid is $18. What is the amount of the cash flow to creditors? $_____________

3. Peggy Grey's Cookies has net income of $320. The firm pays out 37 percent of the net income to its shareholders as dividends. During the year, the company sold $77 worth of common stock. What is the cash flow to stockholders? $___________________