Beckett, Inc. is evaluating a capital expenditure proposal that requires an initial investment of $1,200,000 and has predicted pre-tax cash inflows of $200,000 per year for 10 years. The new equipment will have no salvage value, but will replace an old piece of equipment valued on the books at $150,000 that can sell for $120,000. Beckett pays a tax rate of 20%, and has a required rate of return of 12% (PV of single value factor for 10 years = 0.3220; PV of annuity factor for 10 years = 5.6502). a. What is the net initial investment required for the project? How much are the annual cash flows (undiscounted) associated with the project? What is the net present value of the project