Consider the following project of Hand Clapper, Incorporated. The company is

considering a four$-$year project to manufacture clap$-$command garage door openers.

This project requires an initial investment of $$12\mathrm{.}2$ million that will be depreciated

straight$-$line to zero over the project's life. An initial investment in net working capital of

$$545,000$ is required to support spare parts inventory; this cost is fully recoverable

whenever the project ends. The company believes it can generate $$10\mathrm{.}1$ million in pretax

revenues with $$3\mathrm{.}5$ million in total pretax operating costs. The tax rate is $22$ percent and

the discount rate is $10$ percent. The market value of the equipment over the life of the

project is as follows:

a$.$ Assuming the company operates this project for four years, what is the NPV$?($Do

not round intermediate calculations and enter your answer in dollars, not

millions, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-1.$ Compute the project NPV assuming the project is abandoned after one year. $($Do

not round intermediate calculations and enter your answer in dollars, not

millions, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-2.$ Compute the project NPV assuming the project is abandoned after two years. $($Do

not round intermediate calculations and enter your answer in dollars, not

millions, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-3.$ Compute the project NPV assuming the project is abandoned after three years. $($Do

not round intermediate calculations and enter your answer in dollars, not

millions, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$