Firm W, which has a 34 percent marginal tax rate, plans to operate a new business that should generate $48,000 annual cash flow and ordinary income for three years (years 0, 1, and 2). Alternatively, Firm W could form a new taxable entity (Entity N) to operate the business. Entity N would pay tax on the three-year income stream at a 24 percent rate. The nondeductible cost of forming Entity N would be $5,800. Firm W uses a 6 percent discount rate. Use and Appendix B. Required: a. Complete the below tables to calculate NPV. b. Should it operate the new business directly or form Entity N to operate the business? Complete this question by entering your answers in the tabs below. Complete the below tables to calculate NPV. Note: Cash outflows should be indicated by a minus sign. Round discount factors to 3 decimal places. Round intermediate calculations and final answers to the nearest whole dollar amount. Present Value of $1 Present Value of Annuity of $1