a) Harrison Corporation expects to sell 8,500 units per year of its new product at $68 net cash flow a piece for the next 10 years. The relevant discount rate is 14 percent, and the initial investment required is $2,300,000. i) Compute the Net Present Value (NPV) of the new product. (5 marks) ii) After the first year, the project can be dismantled and sold for $1,500,000. Calculate the lowest sale quantity level below which it would make sense to abandon the project. (5 marks) iii) Explain how the $1,500,000 abandonment value can be viewed as the opportunity cost of keeping the project in one year. (3 marks) b) The Board of Directors of Kimchi Corporation has recently considered to substitute its historically high cash dividend payouts with share repurchase in order to "make better use of our cash flows and to capitalize on our stocks that has undergone a prolonged period of sluggish performance due to the COVID pandemic" as put forward by its CEO. Discuss whether you agree or disagree with the CEO's view in relation to the advantages and disadvantages of share repurchase compared to cash dividend payments. (Word limit: Maximum 500 words, sentences written after the word limit will not be marked) (12 marks)