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5 Wollan plc is considering investing in a project to manufacture a consumer product, the Bedpin. The estimated economic life of the project is 3 years and Wollan plc expects to sell 40,000 Bedpins in the first year, 44,000 in the second year, and 41,000 in the third year. The selling price of the Bedpin will be 30.00 and will not change over the life of the project. Each Bedpin will use materials costing an estimated E14.00 per unit in year 1, 15.00 per unit in year 2, and 15.00 per unit in year 3. No opening or closing inventory of materials, work in progress or finished goods will be maintained at the start or end of each year. Each Bedpin will require a total of 15 minutes of labour. The current labour rate is 16 per hour but this will increase by 3% by the start of the project, and is expected to increase by 5% each year thereafter. A royalty of 1 will have to be paid for each Bedpin produced. This will not change during the project period. Other variable costs will be 3.00 per Bedpin in the first year of the project. These will increase by 5% each year thereafter. Selling and distribution costs are expected to be 150,000 each year of the project. Equipment costing 160,000 will have to be purchased exclusively for the project. This will be purchased just before the start of the project and will have no residual value at the end of the project. The working capital requirement for the Bedpin project will be 50,000 and all of this will be recovered at the end of the project. The company's financial year ends on 30 September each year and, if accepted, the project will commence on 1 October 2020. Ignore taxation. Required Page 8 of 15 [ENG2001] a) Prepare a cash flow model for the Bedpin project, and calculate the project's net present value using a discount rate of 15%. (19 marks) b) State, giving your reasons, whether you would advise Wollan plc to undertake this project. (3 marks) c) Describe three ways in which the net present value for the project might be improved