A pharmaceutical company is evaluating a new drug production line requiring an initial investment of $3,000,000. The line has a useful life of 10 years with no salvage value. The expected annual operating income after depreciation is $450,000. The tax rate is 25%. Present value factors are:

Discount Rate	Cumulative Factor
5%	7.721
7%	7.024
9%	6.418
11%	5.889
13%	5.426

Tasks:

• Calculate the annual depreciation expense.
• Compute the annual after-tax cash flows.
• Determine the NPV for each discount rate.
• Find the IRR.
• Provide a conclusion on whether to proceed with the investment.