1- You decide to start a baking company and run it for the next five years. To start the company, you need to buy a new commercial grade oven for $200,000 (t=0). Each year, you believe you can sell 10,000 loaves of bread and charge $5 per loaf (t=1 thru 5). Each year, you will also have to pay an assistant $15,000 and for space at the farmers market which will cost $1,000 (t=1 thru 5) treat these as costs not NWC or CAPEX. Finally, you will depreciate the oven by $20,000 each year (t=1 thru 5), and, after 5 years, the oven will be can be sold for $90,000 (t=5). The tax rate for your moving company is 25% and the discount rate is 10%.

What is the after-tax salvage value for the oven at t = 5? (Don't use a comma in your answer)

2- Given Q1: What is FCF_0?

3- Given Q1: What is FCF_1?

4- 4 Given Q1: What is FCF_5?

5- Given Q1: What is the NPV of this bakery project?