A project requires an initial investment of $150.000 and expects to produce a cash flow before taxes of $100,000 per year for two years from year 1 to 2 . The corporate tax rate /530 percenc The assets will depreciate using the MACRS 3-year schedule: (t=1,33%);(t=2:45%);(t=3:15%);(c=4:7%). The company's tax situation is such that it can use all applicable tax shields. The opportunity cost of capital is 12 percent. Assume that the asset can sell for book value at the end of the project. Calculate the NPV of the project (approximately). 20,156 26,015 24,013 33.033