Q4) Your corporation is considering replacing older equipment. The old machine is fully depreciated and cost $46,808.00 seven years ago. The old equipment currently has no market value. The new equipment cost $54,006.00. The new equipment will be depreciated to zero using straight-line depreciation for the four-year life of the project. At the end of the project the equipment is expected to have a salvage value of $10,085.00. The new equipment is expected to save the firm $39,756.00 annually by increasing efficiency and cost savings. The corporation has tax rate of 35.64% and a required return on capital of 12.76% a) What is the total initial cash outflow? (show as negative number - 2.5 Points) b) What are the estimated annual operating cash flows? (2.5 Points) c) What is the terminal cash flow? (2.5 Points) d) What is the NPV for this project? (2.5 Points)