The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is 34 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project. 

Year 0 
Year 1 
Year 2 
Year 
Year 4 
investment 
S 28 000 




Sales revenue 

S 14.500 
S 15.000 9 
15.500 
S 12.500 
Operating costs 

3 103 
3,200 
3.300 
2.500 
Depreciation 

7 000 
7.000 
7.000 
7.000 
Net aolun9 captal spending 
340 
390 
440 
340 

a. Compute the incremental net income of the inveStment tar each year (Do not round atennediate calculations.(
Year 1 Year 2 Year 3 Year 4
Net menthe S 6366.60 S 6541.60 S 643.60 S
b. Compute ine incremental cash roes of the investment for each year (Do not round Intermediate calculations. A negative answer should be indicated by a minus sign.)
Year 0 Year 1 Year 2 Year 3 Year 4
Casn row 51^{–} S
c. Suppose the appopnate discount rate as 12 percent What is the t4PV of the protect? (Do not round intermediate calculations and round your answer to 2 decimal places. e.g., 32.16.)
IWVs f–