Home Solutions Part three of the assessment consists of producing a Net Present Value (NPV) investment appraisal of your project. You will need to establish estimate cash flows, estimate the outlay/investment required, and use your cost of capital calculated within part two of the assessment to discount the cash flows. You should ensure that your NPV fully reflects the international complexities associated with your proposed project, particularly any tax and transfer pricing implications, and that your evaluation explains clearly decisions regarding the exchange rates used.