A new chemical plant is going to be built and will require the following

capital investments $($all figures are in $ million$)$:

$$ Cost of land, L $=$ $$10\mathrm{.}0($Occurs at year $0,$ no FCI in year $0)$

$$ Total fixed capital investment, FCI $=$ $$150\mathrm{.}0$

$$ Fixed capital investment during year $1=$ $$90\mathrm{.}0$

$$ Fixed capital investment during year $2=$ $$60\mathrm{.}0$

$$ Plant start$-$up: End of year $2$

$$ Working capital $=20\%$ of FCI at the end of year $2(=$$$30\mathrm{.}0)$

$$ Annual sales revenues and cost of manufacturing

$$ Annual sales revenues $($after start$-$up$),$ R $=$ $$75\mathrm{.}0$

$$ Annual cost of manufacturing, COM $($ex$.$ Depreciation$)=$ $$30\mathrm{.}0$

$$ Taxation rate, t $=45\%$

$$ Salvage value of the plant, S $=0$

$$ Depreciation schedule: $5$ year MACRS

$$ Project life: $10$ years

$$ Take t$=0$ as the time when the first investment is made.

$$ Assume a discount rate of $10\%$ p$.$a$.$

Calculate the NPV and DCFR for this project