9-8A. (NPV with vmying 1'ates ofreturn) Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of

$5,000,000 and will generate annual free cash inflows of $1 million per year for eight years.

Calculate the project's NPV given:

a. A required rate of return of 9 percent

b. A required rate of return of 11 percent

c. A required rate of return of 13 percent

d. A required rate of return of 15 percent