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Suppose you are evaluating a project to produce the Ultimate recreational tennis rackets. You estimate that the sales to be $400,000 each year for the next three years. In addition, you figure that the project has a life of 3 years. The variable costs per year amount to 65% of the sales. The project requires an initial capital investment of $105,000 (cash outflow) which will be depreciated straight line to zero over the three-year life of the project (i.e. 1/3, 1/3, and 1/3). The actual market value of the initial capital investment after three years is $41,000. Initial net working capital (NWC) investment is $75,000. The tax rate is 34% and the required rate of return is determined to be 15%. (a) Calculate the total initial cash flow att -0. (b) Calculate the after-tax operating cash flows for each of the three years at t - 1, 2 and 3. (c) Calculate the total terminal cash flow including the net salvage value and the recovery of NWC att- HTML Editor Xx, 5 A - A - IX E Paragraph - Question 15 A company just paid a dividend of $1.60 per share. The dividend is expected to grow at a constant rate of 5% per year forever. The required rate of return on the stock is 13.50%. Calculate: (a) the current price of the company's stock, (b) the dividend yield of the company's stock, and (c) the capital gains yield of the company's stock. Please express your answers to the yields as a percentage rounded to the nearest hundreds, e... 12.34% HTML Editore TEE 3 1 XX, E T 1200 - Paragraph