5. (20 marks) An oil company uses a technology which it purchased for $22 million. Operating costs are $2.8 million per year, and output is 1,500 barrels per day. Calculate the after-tax IRR given the following information: The corporate tax rate is 28%, the price of oil is $75 per barrel now but it is estimated to be increased by 2% per year over the course of service life, the service life of the technology is 15 years and salvage value is $2 million. If the after-tax MARR is 10%, is this a good investment