onsider the following project for Hand Clapper, Incorporated. The company is considering a $4-$year project to manufacture clap$-$command garage door openers. This project requires an initial investment of $$15\mathrm{.}3$ million that will be depreciated straight$-$line to zero over the project$$s life. An initial investment in net working capital of $$930,000$ is required to support spare parts inventory; this cost is fully recoverable whenever the project ends. The company believes it can generate $$11\mathrm{.}5$ million in pretax revenues with $$4\mathrm{.}4$ million in pretax operating costs. The tax rate is $23$ percent and the discount rate is $11$ percent. The market value of the equipment over the life of the project is as follows:

Year Market Value $($in millions$)$

$1$ $ $13\mathrm{.}30$

$210\mathrm{.}30$

$37\mathrm{.}80$

$41\mathrm{.}15$

a$.$

Assuming Hand Clapper operates this project for four years, what is the NPV$?($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-1.$

Compute the project NPV assuming the project is abandoned after only one year. $($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-2.$

Compute the project NPV assuming the project is abandoned after only two years. $($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

b$-3.$

Compute the project NPV assuming the project is abandoned after only three years. $($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$