An investment proposal is expected to have the following characteristics: Year 3 19,000 Gross income provide, S Investment needed, S Operation expense, S Depreciation charges, $ Year 1 17,000 16,000 6,000 10,000 Year 2 22,000 14,000 8,000 10,000 11,000 10,000 Investments occur during the year and allow the indicated earnings, but both the income and investments are considered to have been made at the end of each year for the analysis purposes. In any year in which deductions exceed income, the tax benefits can be considered as additional income because the organization can apply the deductions against income earned from others operations. a) Determine the rate of return before taxes. b) If the effective income tax rate is 42 percent, what is the approximate after-tax rate of return? c) What is the actual after-tax rate of return