Lisa is pondering the construction and operation of a home-based cattery. She expects it will cost $35,000 to construct and will have a lifespan of four years before it collapses due to faulty construction and ammonia rot. Cash flows during those four glorious years are estimated as follows: 
If the interest rate is 5%, what is the present value of the cattery project?
Definitions:
Substitutes for Leadership
Substitutes for leadership refer to factors that reduce the impact of direct leadership, such as established procedures, cohesive teams, or intrinsic motivation.
Information Technology
The use of computers, networks, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.
Formalisation
The process of establishing official structures, procedures, and rules within an organization to ensure efficiency, clarity, and compliance.
Vroom-Jago Leader-Participation Model
A decision-making framework that helps leaders decide how much participation they should allow from subordinates in the decision-making process.
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