PT Subur is a firm specializing in developing Bonsai. The firm has three choices regarding when they will harvest and able to sell the Bonsai in the next 5 years, 10 years or 15 years. The firm started its Bonsai's development on January 1, 2020. The firm has 1 hectare area for its Bonsai. The firm's marketing department has surveyed the Bonsai's market price and estimate the following expected selling price:

Bonsai quality	Price per Bonsai
Diamond	IDR 20.000.000
Gold	IDR 5.000.000
Standard	IDR 1.000.000

The Bonsai's price increases below the inflation rate. According to the local government statistical data, the inflation rate is expected to be 5 percent per year. An actuary believes that 2 percent per year is an appropriate growth rate below the inflation rate. PT Subur executives are considering when to harvest the Bonsai. They have possible scenarios below:

The firm's operational manager expects that there would be 10 percent losses of every Bonsai at every quality due to incidental damage. The entire cost of harvesting is expected to be IDR 80.000,- per Bonsai. Sales and administrative expenses (fully paid in cash) are expected to be IDR 60.000,- per Bonsai. Regrettably, the 10 percent losses of harvested Bonsai still incur operational expenses because the damaged Bonsai shall be carefully and properly cleared. The firm's executives budget the operational costs to increase at the inflation rate. The operational costs are as follows:

All cash flows are assumed to occur during the harvest year. The firm's executives estimate that the nominal required return rate is 12 percent, and the tax rate of 25 percent.

Required: When should PT Subur harvest the Bonsai? Your analysis MUST include NPV calculations, as well as the necessary assumptions and brief explanation.

Time to Harvest 1 January 2025 1 January 2030 1 January 2035 Harvest Units of Bonsai 800 900 900 Diamond 10% 10% 15% Bonsai quality Gold 20% 40% 35% Standard 70% 50% 50% Operational Razing Watering Monitoring Fertilizer Cost per 1.000 square meter IDR 20.000.000 IDR 25.000.000 IDR 60.000.000 IDR 10.000.000