A company facing an interest rate of 8% must choose among projects offering the following four-year cash flows. If the company is employing the net present value criterion, which project should they choose? $15,000 in year 1; $15,000 in year 2; $15,000 in year 3; and $15,000 in year 4 $25,000 in year 1; $15,000 in year 2; $10,000 in year 3; and $5,000 in year 4 $5,000 in year 1; $5,000 in year 2; $25,000 in year 3; and $25,000 in year 4 $5,000 in year 1; $5,000 in year 2; $20,000 in year 3; and $30,000 in year 4

Choose project 1 with highest NPV

Explanation:

Calculate NPV for each of the project

1) Project 1.

NPV = 15,000 / 1.08  + 15000/1.08^2 + 15000/1.08^3 + 15000/1.08^4 = $49,681.9

2) Project 2:

NPV = 25000/1.08 + 15000/1.08^2 + 10000/1.08^3 + 5000/1.08^4 = $47,621.7

3) Project 3:

NPV = 5000/1.08 + 5000/1.08^2 + 25000/1.08^3 + 25000/1.08^4 = $47,137.9

4) Project 4:

NPV = 5000/1.08 + 5000/1.08^2 + 20000/1.08^3 + 30000/1.08^4 = $46,843.9

ans.

heterothermic organisms include those organisms that can switch between homeothermic (having body temperature higher than environment) and poikilothermic (having variation in internal body temperature) strategies.

some migratory birds show heterothermy as they decrease their metabolic rate during cold nights to keep their body temperature low. drop in metabolic rate allows increase in production efficiency of birds that reduces the internal body temperature to make it equal to external cold temperature during cold nights.

thus, the correct answer is 'birds allow their temperature drop in order to increase their production efficiency.'