(15 points) An automotive supplier is evaluating production of a new product. The startup would require spending $1,300,000 for special press tooling for the new product. The tooling would last for the life of a five year model run, and would be scrapped at the end of the run (i.e., no significant salvage value). Depreciation is on MACRS 3-year schedule. The supplier would make $450,000 per year in additional profit from producing the product after covering all costs. Tax rate is 22.98%. After-tax MARR is 20%. Compute the after tax rate of return. Based on the after-tax rate of return, should this project be pursued