12. Texelco' new modem can go into production for an initial investment in production equipment of $4 million. The equipment will be depreciated straightline over 2 years to a value of zero. It will be sold after 2 years for $500,000. Production costs will equal $200 per modem. The modems will be sold for $375 each. The firm is setting aside working capital of $200,000 at the outset, recaptured at the end of year 2. Sales forecasts are at the top of the table. The project will end in 2 years. The firm's tax bracket is 30%, and the required rate of return on the project is 12%. What is project NPV? (4 pts) Start with this Table (1pt): Year 15000 15000 Sales (units of modems) Revenues Cost of Goods Sold Depreciation Figure out CF from operations in the above space and fill it in below. Then continue. (2.5 pts) Cash flow from operations excl WorkCapital Cash flow from WC Cash flow: Capital investment/divestment Total cash flow NPV = $ .... .... (0.5 pt)