Net Working capital will be 4% of expected sales in the following year. The initial cost of the equipment is $400,000. The equipment will be depreciated using a MACRS 3 year life: The equipment has no salvage value. The tax rate is 30% and the discount rate is 12%. (a) Find the operating cash flows. The table below may be helpful. (b) Find the total cash flows and the NPV of the project: The NPV of the project is The IRR of the project is (2 decimals in percent)