8. Spartan, Inc. is considering a capital budgeting project in Singapore. The project requires an initial outlay of 20 million Singapore dollars (S\$). The Singapore dollar is currently valued at $0.50. The project will generate 6 million Singapore dollars for each of the next 4 years. It is assumed that there is a 30% chance that the withholding tax imposed by the Singapore government will be at a 20% rate rather than a 10% rate. It is also assumed that there is a 40% chance that the Singapore government will provide Spartan a payment (salvage value) of S\$7 million rather than S$12 million. Spartan requires a 15\% return on this project. (a) Determine the net present value (NPV) of the project in each possible scenario. (b) Determine the joint probability of each scenario. (c) Compute the expected NPV of the project and make a recommendation to Spartan regarding its feasibility