(15 points) Admiral Investment Advisors (AIA) plans to invest in an artificial intelligence (AI) computer-based advising system that should allow it to dramatically increase assets under management (AUM) at a very low cost. The company spent $3,500,000 on market research on various projects over the years and used some of this research evaluating this project. It spent $1,000,000 million on pre-marketing directly related to this controversial product for a form that prides itself on high-touch service. AIA estimates the cost of the computer hardware and software to be $20,000,000 with an estimated life of five years because the company expects a new generation of Al to supplant its initial entrance into this space by that time. The computer hardware/software expenditure will be depreciated as a 3-year asset under MACRS. At the end of year 5 AIA expects to sell the system for $250,000. First year assets under management (AUM) are expected to be $500,000,000 with growth rates of 100%, 75%, 50%, and 25% expected over the following four years. AIA expects to earn 55 basis points on the AUM or 0.55% during the first year, 50 basis points the second year and 45 basis points each year thereafter. $1,000,000 in working capital is required as part of the product rollout and only 25% is expected to be recovered at the end of 5 years. Expenses are expected to be 20% of revenue during the first year, falling to 15% for years 2 and 3. and then to 10% for the remaining life of the project, AIA's tax rate is 25% and its cost of capital is 15%. Hint Revenue for AIA is calculated by multiplying returnearned during each year by Asset Under Management AM or that year. Horexample, retum earned for year 115 0.55 an d Management is $500! million so you obtain increase in revenue by multiplying these two