14. BM Inc. is considering a project. Projections are tabulated below in thousands of euros). All sales revenue is received in cash, and all operating costs and income taxes are paid in cash. The corporate tax rate is 34%. Assume that the appropriate discount rate is 12% Year 1 Year 2 Year 3 Year 4 Year 0 10,000 Investment Sales revenue Operating cost Depreciation Inventory 7,000 2,000 2,500 7,000 2,000 2,500 300 7,000 2,000 2,500 200 7,000 2,000 2,500 200 250 a. b. c. Compute the incremental free cash flows (FCF) of the investment for each year. What is the project's NPV? What is its IRR? What is its payback period? What is its discounted payback period? d. e