Also, if you are using financial calculator, please kindly mention the buttons that were used. Thank you.

Question 2 (1 Mark) DuoCity Taxi is considering expanding its fleet. The cost of the new taxis is $1,000,000. Taxis fall under CCA Class 16 and are allowed a CCA rate of 40%. DuoCity's tax rate is 45% and the relevant cost of capital is 15%. The project will generate revenues in excess of expenditures of $450,000 per year for 5 years. The project will also require an immediate working capital increase of $50,000, no changes for the duration of the five years, and a return to normal working capital requirements at the end of 5 years. Assume the taxis will be sold at the end of the 5th year for $100,000 What is the NPV of this project