Apple has just came up with iGlasses $($to compete with Google

Glasses$).$You expect them to sell for $5$ years. You expect

revenues to be $$450$M$/$year and expenses to be $$350/$year$.$ You

need to spend $$60$M on equipment immediately that will be

depreciated on a straight$-$line basis. Apple$$s working capital will

increase from $$120$M to $$140$M immediately. They will remain

at that level until year $5$ when they will return to $$120$M$.$ Apple

will sell the equipment at the end of year $5$ for $$10$M$.$ Apple$$s

Discount rate is $15\%$ and tax rate is $35\%.$ What is the NPV of

iGlasses?