Martin Manufacturers is considering a five-year investment which costs $80,000. The investment will produce cash flows of $25,000 each year for the first two years (t = 1 and t = 2), $50,000 a year for each of the remaining three years (t = 3, t = 4, and t = 5). The company has a cost of capital of 12 percent. What is the MIRR of the investment? a. 24.90% b. 36.86% c. 16.00% d. 18.25% e. 5.02% For a new project, Armstead Inc. had planned on depreciating new machinery that costs $300 million on an accelerated basis according to the following depreciation schedule: The project for which the machinery has been purchased ends in four years, and as a result the machinery is going to be sold at its salvage value of $52,000,000. Under this accelerated depreciation method, what is the after-tax salvage value of the equipment at the end of Year 4? Assume the firm's tax rate is 40%. a. $600,000 b. $33, 600,000 c. $50, 600,000 d. $51, 600,000 e. none of the above