Problem 9-15 Project Evaluation (L02) Kinky Copies may buy a high-volume copier. The machine costs $50,000 and will be depreciated straight-line over 5 years to a salvage value of $8,000. Kinky anticipates that the machine actually can be sold in 5 years for $16,000 The machine will save $8,000 a year in labor costs but will require an increase in working capital, mainly paper supplies, of $4,000. The firm's marginal tax rate is 35%, and the discount rate is 15%. (Assume the net working capital will be recovered at the end of Year 5.) What is the NPV of this project? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.) NPV Problem 9-22 Salvage Value (LO3) Your firm purchased machinery with a 7-year MACRS life for $9.30 million. The project, however, will end after 5 years. If the equipment can be sold for $3.80 million at the completion of the project, and your firm's tax rate is 30%, what is the after-tax cash flow from the sale of the machinery? Use the MACRS depreciation schedule. (Enter your answer in millions rounded to 4 decimal places.) After-tax cash flow millions Problem 9-15 Project Evaluation (L02) Kinky Copies may buy a high-volume copier. The machine costs $50,000 and will be depreciated straight-line over 5 years to a salvage value of $8,000. Kinky anticipates that the machine actually can be sold in 5 years for $16,000 The machine will save $8,000 a year in labor costs but will require an increase in working capital, mainly paper supplies, of $4,000. The firm's marginal tax rate is 35%, and the discount rate is 15%. (Assume the net working capital will be recovered at the end of Year 5.) What is the NPV of this project? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.) NPV Problem 9-22 Salvage Value (LO3) Your firm purchased machinery with a 7-year MACRS life for $9.30 million. The project, however, will end after 5 years. If the equipment can be sold for $3.80 million at the completion of the project, and your firm's tax rate is 30%, what is the after-tax cash flow from the sale of the machinery? Use the MACRS depreciation schedule. (Enter your answer in millions rounded to 4 decimal places.) After-tax cash flow millions