3. Leventhal Baking Company is considering an expansion of its operations into a new line of pastries. Assume a four-year project life. The company would spend $420,000 for five new ovens. The ovens have a 3-year depreciable life. Use straight line depreciation. The firm expects new sales revenues of $350,000 in the first year and $400,000 each year thereafter. Annual project costs have been estimated at $180,000 for the first year and $240,000 each year after that. No change in net working capital is expected. The companys tax rate is 21 percent. The firms cost of capital (or required rate of return) is 10%. Year 1 Year 2 Year 3_ Year 4Revenues $350,000 $400,000 $400,000 -Op. Costs -180,000 -240,000 -240,000-Deprec. Exp. -140,000 -140,000 -140,000EBIT $ 30,000 $ 20,000 $ 20,000-Tax - 6,300 - 4,200 - 4,200+Deprec. Exp. +140,000 +140,000 +140,000Operating CF $163,700 $155,800 $155,800+Net Cap. Exp. 0 0 0+Change in NWC 0 0 0Project Cash Flow $163,700 $155,800 $155,800 You began the calculation of project cash flows but have not finished.a. Calculate the project cash flow for t = 0 (initial cash outflow). b. Calculate the project cash flow for Year 4.c. Calculate the Net Present Value of this project. d. Should it be accepted or rejected?