1. A project requires an initial investment of $50,000 and is expected to produce a cash flow before tax of $20,000 per year for three years. The project's opportunity cost of capital is 78. a. Assume Company X does not pay any tax. For Company X, what is the Net Present Value (NPV) of this project? b. Assume Company Y is consistently profitable, pays tax at the rate of 25%, and can depreciate the $50,000 initial investment according to the three-year Modified Accelerated Cost Recovery System (MACRS) schedule, which allows depreciation of 33.33% at t-1, 44.45% at t=2, 14.81% at t=3, and 7.41% at t=4. For Company Y, what is the Net Present Value (NPV) of this project