A) Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.72 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimated to generate $2111559 in annual sales, with costs of $844045. If the tax rate is 38 percent and the required return on the project is 9 percent, what is the project's NPV?

B) Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.5 million. The fixed asset will be depreciated straight-line over its three-year tax life, and the fixed asset will have a market value of $270241 at the end of the project. The project is estimated to generate $2232481 in annual sales, with costs of $817598. The project requires an initial investment in net working capital of $385127. If the tax rate is 37 percent and the required return on the project is 8 percent, what is the project's Year 0 net cash flow?