A mfg company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500 each year thereafter. direct costs including labor and materials will be 45% of sales. Indirect incremental costs are estimated at $95,000 a year. The project requires a new plant that will cost a total of $1,500, which will be a depreciated straight line over the next 5 years. The new line will also require an additional net investment in inventory and receivables in the amount of $200,000. Prepare a statement showing the incremental cash flows for this project over an 8-year period including the formulas. Calculate the payback (P/B) and the net present value for the project. The firm's marginal tax rate is 35% and its cost of capital is 10%. Please show the formulas and calculations.