Please include all formulas

.5. project requires an initial investment of $100,000 and is expected to produce a cash inow before tax of $21900 per year for five years. Company A has substantial accumulated tax losses and is unlikely to pay taxes in the foreseeable future. Company B pays corporate taxes at a rate of 21% and can claim 100% bonus depreciation on the investment. Suppose the opportunity cost of capital is 11%. Ignore ination. a. Calculate project NW for each company. [Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What is the IRR of the after-tax cash ows for each company? {Do not round intermediate calculations. Enter your answers as a percent rounded to 1 decimal places}