a. 11. Epiphany Industries is considering a new capital budgeting project that will last for three years. Epiphany plans on using a cost of capital of 12% to evaluate this project. What are the free cash flows of the project? Based on extensive research, it has prepared the following: Revenues will be $150,000 per year b. Cost of Goods Sold will be 50% of revenues each year C. Costs of purchasing and installing a machine are $90,000 i. The machine will have a useful life of 3 years and will be sold for $15,000 at the end of the third year ii. Epiphany will use straight-line depreciation and will depreciate the machine to zero d. Net working capital will increase by $5,000 in the first 2 years, then will decrease by $10,000 in the third year e. Epiphany's marginal tax rate is 35%