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{.}8$ million that will be depreciated

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

$$610,000$ is required to support spare parts inventory; this cost is fully recoverable

whenever the project ends. The company believes it can generate $$12\mathrm{.}3$ million in pretax

revenues with $$4\mathrm{.}8$ million in total pretax operating costs. The tax rate is $25$ percent and

the discount rate is $11$ 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$.,1,234,567\mathrm{.}89.)$