3 Required information [The following information applies to the questions displayed below.] Metro Car Washes, Inc. is reviewing an investment proposal. The initial cost as well as the estimate of the book value of Part 3 of 3 the investment at the end of each year, the net after-tax cash flows for each year, and the net income for each year are presented in the following schedule. The salvage value of the investment at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. 2 Initial Cost Annual Net After-Tax Annual points Year and Book Value Cash Flows Net Income $360, 000 240, 000 $164, 000 $44, 000 eBook 144 , 090 142, 000 46, 000 UIAWNP 72,090 120, 000 48, 900 Print 24,000 98, 000 50,000 76, 000 52,000 References Management uses a 12 percent after-tax target rate of return for new investment proposals. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) 3. Compute the proposal's net present value. Net present value