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3. The CFO for Kaymer Corporation has forecasted the following working capital needs for a four year project. Accounts receivable will be 15% of sales each year. Inventory will be 10% of sales each year, and accounts payable will be 13% of sales each year. The firm expects the following sales for each year of the project: The firm will start with an initial value of $10,000 in net work capital at year 0 . What is the investment in NWC for years 1 and 2? 4. Gillespie \& Miller PLC is considering the introduction of a new line of cookies. In order to produce the cookies, G\&M would have to invest $91,000 in new equipment. The equipment would be depreciated on a MACRS 7-year schedule. Sales and production costs are expected to be $43,000 per year and $20,000 per year, respectively. Furthermore, new net working capital of $7,500 would be needed immediately (it would be freed up at the end of the 7 years). The market value of the equipment is expected to be $23,000. G\&M's tax bracket is 21% and its discount rate on investments of this riskiness is 12%. What is the NPV the new line