31) Last Co is evaluating a new product opportunity. To launch the product requires the purchase of a new machine for $25,000. This machine will be used for 5 years, after which the machine will be worthless. Launch of the new product will also require a $1,500 increase in working capital - an increase which will be recovered at the end of 5 years. Over this 5-year product life, Last Co estimates incremental annual sales of $12,000 and increased cash-costs of $3,000. Based on Last Co's discount rate of 9.5% and a marginal tax rate of 21% please answer the following: a) What is the total initial investment for this project? b) What is the project's incremental after-tax cash flow in year 1? c) What is the project's incremental after-tax cash flow in year 5? d) If the calculated IRR for this project is 17.5%, should Delta accept this project? Why - please explain your answer. 12pt Paragraph B I VAT? *** I O words