A research firm is considering an investment in research equipment. The initial cost of the equipment is $10 million. The annual benefits beginning in year one and for the following five years are: $400,000, $1,600,000, $3,520,000, $2,752,000, $1,152,000, $576,000 respectively. Develop an after-tax cash flow table using MACRS depreciation and calculate the before-tax and after-tax rate of return assuming a 28 percent combined income tax rate