1.        Consider an individual who will invest a total of $10,000 in direct and indirect costs for training in order to increase earnings by $12,500 for the next year.  Suppose the interest rate is 8%.  If this person plans to retire the following year, the net present value of this investment is:
a.        zero                                        c.        $2500
b.        between $1500 and $2500                d.        between $11,500 and $12,500