Consider the following project for Hand Clapper, Incorporated. The company is considering a $4-$year project

to manufacture clap$-$command garage door openers. This project requires an initial investment of $$15\mathrm{.}5$

million that will be depreciated straight$-$line to zero over the project's life. An initial investment in net working

capital of $$950,000$ is required to support spare parts inventory; this cost is fully recoverable whenever the

project ends. The company believes it can generate $$11\mathrm{.}9$ million in pretax revenues with $$4\mathrm{.}6$ million in

pretax operating costs. The tax rate is $25$ percent and the discount rate is $15$ percent. The market value of the

equipment over the life of the project is as follows:

a$.$ Assuming Hand Clapper operates this project for four years, what is the NPV$?($Do not round

intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$

decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-1.$ Compute the project NPV assuming the project is abandoned after only one year. $($Do not round

intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$

decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-2.$ Compute the project NPV assuming the project is abandoned after only two years. $($Do not round

intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$

decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-3.$ Compute the project NPV assuming the project is abandoned after only three years. $($Do not round

intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$

decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$