1. A project has a first cost of $120,000 and an estimated salvage value of $ 20,000 at the end of 25 years. Estimated average annual receipts are $ 27,900. Estimated average annual disbursements for everything except income taxes are $ 15,060. Estimated average annual disbursements for income taxes are $ 4,420. Assuming that annual receipts and disbursements will be uniform throughout the 15 years, compute the prospective after-tax rate of return