expansion. The rm is allowed to use tax loss carryforwards. a. What are the incremental net earnings (unleyered net income) for this project for years 1 and 2? b. What are the free cash ows for this project for years 1 and 2? c. Should the rm invest in this expansion if it costs $20 million upfront and the discount rate is 8% per year? d. What are the depreciation tax shields for the rst two years? How do you interpret them? e. If the rm has also completed a technical inspection of the facility for $1 million, would this change the NPV for the decision to expand production? If so, by how much? If not, why not