A project requires an initial investment of $100,000 and is expected to produce a cash inflow before tax of $26,600 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 30% and can depreciate the investment for tax purposes using the five-year MACRS tax depreciation schedule. Assume the opportunity cost of capital is 9%. Ignore inflation. a. Calculate project NPV for each company. (Negative amounts should be indicated by a minus sign.Do not round intermediate calculations. Round your answers to the nearest dollar amount.) NPV Company A $ Company B $ b-1. What is the IRR of the after-tax cash flows for each company? (Do not round intermediate calculations. Round your answers to 2 decimal places.) IRR Company A % Company B % b-2. What does comparison of the IRRs suggest is the effective corporate tax rate? (Do not round intermediate calculations. Round your answer to 1 decimal place.) Effective tax rate %