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 $$14\mathrm{.}2$ million that will be depreciated straight$-$line to zero over the project$$s life. An initial investment in net working capital of $$595,000$ is required to support spare parts inventory; this cost is fully recoverable whenever the project ends. The company believes it can generate $$11\mathrm{.}7$ million in pretax revenues with $$4\mathrm{.}5$ million in total pretax operating costs. The tax rate is $22$ percent and the discount rate is $12$ percent. The market value of the equipment over the life of the project is as follows:

Year Market Value $($millions$)$

$1$ $ $11\mathrm{.}4$

$29\mathrm{.}2$

$35\mathrm{.}0$

$41\mathrm{.}3$

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$.,1,234,567\mathrm{.}89.)$