38. A company anticipates a taxable cash expense of $40,000 in year 2 of a project. The company's tax rate is 30% and its discount rate is 10%. The present value of this future cash flow is closest to: a. ($23,128). b. ($9.912). c. ($12.000). d. ($28,000). e. ($33,040). 39. A company needs an increase in working capital of $50,000 for a project that will last 4 years. The company's tax rate is 30% and its discount rate is 8%. The present value of the release of the working capital at the end of the project is closest to: a. $36,750. b. $15,000. c. $25,725 d. $35,000