1. A firm is reviewing an investment opportunity that requires an initial cash outlay of $336,875 and promises to return the following irregular payments:
Year 1: $100,000
Year 2: $82,000
Year 3: $76,000
Year 4: 5111,000
Year 5: $142,000
If the required rate of return for the firm is 8 percent, what is the net present value of the investment?