(Chapter 9) A firm pays $300,000 for a machine that last 3 years. Its annual net income is $140,000. The firm depreciates the machine by $100,000 annually. Working capital increased by $20,000 in year 0 and is recovered in year 3. The machine has no salvage value. What is the NPV of the project if r=10% ? (Hint: First, calculate the initial investment, then the annual operating cash flow, and finally the terminal cash flow in year 3 , and then solve). $276,844.48 $311,870.77 $291,870.77 $261,818.18 $43,185.57