my question is on 34 but it relates to 33. how would you use the formula:

(R-COMd-d)(1-t)+d?

33. It is necessary to evaluate the profitability of proposed improvements to a process prior to autaining approval to implement changes. For one such process, the capital investment (end of year ) for the project is $250,000. There is no salvage value. In years 1 and 2, you expect to generate an after-tax cash flow from the project of $60,000/y. In years 38, you expect to gener- ate an after-tax cash flow of $50,000/y. Assume that the investments and cash flows are single transactions occurring at the end of the year. Assume an effective annual interest rate of 9%. a. Draw a discrete cash flow diagram for this project. b. Draw a cumulative, discounted (to year 0) cash flow diagram for this project. c. What is the future value of this project at the end of year 8? d. Instead of investing in this project, the $250,000 could remain in the company's portfolio. What rate of return on the portfolio is needed to equal the future value of this project at the end of year 8? Would you invest in the project, or leave the money in the portfolio? 34. In Problem 9.33, the after-tax cash flow figures were generated using a taxation rate of 45% and a straight-line depreciation over the eight-year project. Calculate the yearly after-tax cash flows if the five-year MACRS depreciation schedule were used. 35. You are evaluating the