Fun With Finance is considering a new 3-year expansion project that requires an initial fixed asset investment of $3.348 million. The fixed asset will be depreciated straight-line to zero over its 3-year tax life, after which time it will have a market value of $260,400. The project requires an initial investment in net working capital of $372,000. The project is estimated to generate $2,976,000 in annual sales, with costs of $1,190,400. The tax rate is 32 percent and the required return on the project is 12 percent. Required:

(a) What is the project's year 0 net cash flow?

(b) What is the project's year 1 net cash flow?

(c) What is the project's year 2 net cash flow?

(d) What is the project's year 3 net cash flow?

(e) What is the NPV?