Answer:
a) Net Present Value = $ 304,495.12  
b) Beyer should accept the investment.
Explanation:
The net present value NPV) of a project is the present value of cash inflow less the present value of cash outflow of the project.
NPV = PV of cash inflow - PV of cash outflow
Year                                                     PV
1        77,000 × 1.12^(-1)       =  68,750.00  
2        54,000 × 1.12^(-2)    =  43,048.47  
3        82,000 ×  1.12^(-3)  =   58,365.98  
4      172,000 ×   1.12^(-4) =  109,309.11  
5       423,000 ×  1.12^(-5)=  <u>240,021.56  </u>
Total Present Value             519,495.12  
Initial cost                             <u>(215,000)</u>
Net Present Value                 <u>304,495.12 </u>
Net Present Value = $ 304,495.12  
b) Decision :
Beyer should accept the investment. This will increase the wealth of the shareholders by $ 304,495.12