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A project requires an initial investment of $ 1 0 0 , 0 0 0 and is expected to produce a cash inflow before tax

A project requires an initial investment of $100,000 and is expected to
produce a cash inflow before tax of $26,700 per year for five years.
Company A has substantial accumulated tax losses and is unlikely to pay
taxes in the foreseeable future. Company B pays corporate taxes at a rate of
21% and can claim 100% bonus depreciation on the investment. Suppose the
opportunity cost of capital is 9%. Ignore inflation.
a. Calculate project NPV for each company. (Do not round intermediate
calculations. Round your answers to the nearest whole dollar amount.)
b. What is the IRR of the after-tax cash flows for each company? (Do not
round intermediate calculations. Enter your answers as a percent rounded
to 1 decimal places.)
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