A construction company is planning to invest in a new crane that costs $450,000, with a useful life of 5 years and no salvage value. Expected annual revenue is $100,000 with operating costs (excluding depreciation) of $15,000. The tax rate is 33%. Present value factors for 5 years are:

Discount Rate	Cumulative Factor
7%	4.100
9%	3.890
11%	3.700
13%	3.520
15%	3.350

Tasks:

• Compute the annual depreciation.
• Determine the annual net cash flows after tax.
• Evaluate the NPV at each discount rate.
• Calculate the project's IRR.