3. At a cash cost of $342,000 Riley Theaters Inc., can acquire automatic coffee brewing equipment that will save $105,000 in annual cash operating expenses (hint: reducing expenses is like a revenue). No salvage value is expected at the end of its five-year useful life. The income tax rate is 30% and Riley Theaters has a 12% cutoff rate when using a net present value analysis. i) Draw a cash timeline for this project. ii) Calculate (and show how you calculated) the after-tax cash flow for each year. iii) Compute the net present value of the after-tax cash flow and indicate whether it is positive or negative (round to nearest dollar.) iv) Based on your findings in (iii) should Regency Theaters do the deal? Why or why not? How would a reduction in the tax rate affect the calculation and the decision above? (Qualitative answer)