FIrm D is considering Investing $400,000 cash in a three-year project with the following cash flows. Use AppendxA and AppendixB. Requlred: a1. The revenue is taxable, the expenses are deductlble, and the marginal tax rate is 15 percent. Use a 10 percent discount rate to compute NPV. a2. Should firm D make the Investment? b1. The revenue is taxable, the expenses are deductible, and the marginal tax rate is 40 percent. Use a 10 percent discount rate to compute NPV. b2. Should firm D make the Investment? c1. The revenue is taxable, only one-half of the expenses are deductible, and the marginal tax rate is 15 percent. Use a 10 percent discount rate to compute NPV. c2. Should firm D make the Investment? d1. Firm D can deduct the expenses in the year paid (against other sources of income) but can defer recognizing the $180,000 total Income until year 2 (It will collect the revenues as Indicated In years 0 , 1, and 2 so that before-tax cash flows don't change.) The marginal tax rate is 40 percent. Use a 10 percent discount rate to compute NPV. d2. Should firm D make the Investment? Present Value of $1 Present Value of Annuity of $1