9. Consider the following investment opportunity: $15 million $20 million $13 million Initial cost at time 0 Annual revenues beginning at time 1 Annual operating costs exclusive of depreciation 5 years Expected life of investment Salvage value after taxes Annual depreciation for tax purposes Tax rate $ 3 million 40% What is the rate of return on this investment? Assuming the investor wants to earn at least 10 percent after corporate taxes, is this investment attractive? 9. Consider the following investment opportunity: $15 million $20 million $13 million Initial cost at time 0 Annual revenues beginning at time 1 Annual operating costs exclusive of depreciation 5 years Expected life of investment Salvage value after taxes Annual depreciation for tax purposes Tax rate $ 3 million 40% What is the rate of return on this investment? Assuming the investor wants to earn at least 10 percent after corporate taxes, is this investment attractive