Company B wants to compare the investment in three different countries based on the following information. Tax rate is 30% for all three countries. MARR is 9% compounded quarterly.

	Country 1	Country 2	Country 3
Depreciation method	SL with n=5	MACRS with n=3	DDB with n=5
Depreciation recapture	Not taxed	Taxed as T.I.	Taxed as T.I.
Purchase cost	100,000	100,000	100,000
Gross Income	26,000	27,000	29,000
Expense	1,000	2,000	4,000
Salvage	0	0	20,000
Life in years	5	5	5
Actual selling price	20,000 in year 5	20,000 in year 5	20,000 in year 5

1. Determine the CFAT for the above three countries.
2. Perform a PW Analysis and make a recommendation of which country should the company choose to invest.

Solve using Excel. Thanks in advance!