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Project 1: A company that manufactures bicycles has an opportunity to begin maufacturing a new higher-end model, which has additional features from the models they currently make. These features would require some new equipment to be purchsed. Because of the risk level involved in taking on a new product, management is trying to determine whether the retums will justify the risk. The individuals within the top tier of management that are evaluating the project, have determined a 15% discount rate is appropriate for evaluation purposes. Management has asked you to prepate an anlaysis of the project giving the following information and assumptions: 1) The new equipment will have a cost of $358,000, a salvage value of $10,000 and a 10-year useful life. Straight line depreciation will be used. The projected revenues, costs, and results for each of the 10 years of this project are as follows: 2) $315,000 Sales Less: Manufacturing costs Depreciation Shipping costs Administrative costs Income before income taxes Income tax expense Net income $190,000 34,800 17,000 15,000 256,800 58,200 23,280 $34,920 Instructions: Using the template below, a) compute the annual rate of retum. b) compute the payback period. c) compute the NPV using the determined 15% discount rate. Is this proposal areptule wring the discount rate? d) compute the NPV using a 12% discount rate so that Management has a comparison for analysis. Irai paalarpanires diaround rating