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Score: 0.02 of 1 pt 15 of 16 (16 complete) HW Score: 89.79%, 14.37 of 16 pts x P 9-28 (similar to) Question Help Your company has been doing well, reaching $1 million in earnings, and is considering launching a new product. Designing the new product has already cost $499,000. The company estimates that it will sell 776,000 units per year for $3.06 per unit and variable non-labor costs will be $1.16 per unit. Production will end after year 3. New equipment costing $1.18 million will be required. The equipment will be depreciated using 100% bonus depreciation under the 2017 TCJA. You think the equipment will be obsolete at the end of year 3 and plan to scrap it. Your current level of working capital is $298,000. The new product will require the working capital to increase to a level of $383,000 immediately, then to $409,000 in year 1, in year 2 the level will be $358,000, and finally in year 3 the level will return to $298,000. Your tax rate is 21%. The discount rate for this project is 9.5%. Do the capital budgeting analysis for this project and calculate its NPV. Note: Assume that the equipment is put into use in year 1. Design already happened and is sunk (irrelevant). (Select from the drop-down menu.) According to the bonus depreciation schedule, depreciation in year 1 will be $ 500000. (Round to the nearest dollar.)