For a new process, the land was purchased for $10 million. The fixed capital investment, paid at the end of year 0, is $165 million. The working capital is $15 million, and no salvage value. The estimated revenue from years 1 through 10 is $70 million/y, and the estimated cost of manufacture over the same time period is $25 million/y. The internal hurdle rate (interest rate) is 14% p.a., before taxes, and the taxation rate is 40%.

1. Determine the yearly depreciation schedule using the five-year MACRS method.
2. Calculate the following:
   1. Cumulative PW of after tax cash flows and then plot as function of time (years)
   2. After tax Discounted Payback Period
   3. After tax IRR