Assume a two period perfect certainty world. A firm has the following investment opportunities:
a) outlay=100,000 return =120,000
b) outlay = 150,000 return= 162,000
c) outlay = 200,000 return =226,000
d) outlay= 300,000 return= 333,000
The firm has an initial endowment of $500,000 and the market rate of return is 10.50%.

Assuming that the firm faces no capital constraints, what is the firm’s value if it decides to undertake all positive NPV projects?