5. You are analyzing a project with a life of five years, which requires an initial investment in equipment and machinery of $10 million. The equipment is expected to have a five-year lifetime and no salvage value and to be depreciated straight line. The project is expected to generate revenues of $5 million each year for the cu five years and have operating expenses (not including depreciation) amounting to 30% of revenues. The tax rate is 40%, and the cost of capital is 11%. 165a. Estimate the after-tax operating income each year on this project b. Estimate the after-tax operating cash flow each year on this project c. Assume that the firm that takes this project is los- ing money currently and expects to continue los- ing money for the first three years. Estimate the after-tax operating income and cash flows on this project