PART 1. CAPITAL BUDGETING. The table shows the incremental cash flow projections for an investment in new equipment that has an initial cost of $4,725 (in millions). Calculate the net present value of the project, using a discount rate of 5%. Assume no depreciation and no salvage value. In millions Year 1 Year 2 Year 3 Year 4 Year 5 2.685 3,785 3,867 3,995 4.989 Operating revenue Operating cost 1.845 1,745 1,745 1.720 2.642 Taxes (at 21%) 1. NPV: (32 points) 2. Would you recommend investing in this project? Why or why not? (3 points)