The maximum purchase price (or the NPV) of that cash flow is $105,169. Here is an online IRR/NPV calculator. Enter 0 on line 1, because the first year cash flow is not realized till the end of the year.

http://www.datadynamica.com/irr.asp

Pendley Company is considering purchasing equipment. The equipment will produce the following cash flows: Year 1, $38,000; Year 2, $40,000; and Year 3, $50,000. Pendley requires a minimum rate of return of 10%.

Using the factor table,

What is the maximum price Pendley should pay for this equipment?