Quad Enterprises is considering a new 3-year expansion project that requires an initial fixed asset investment of $1.512 million. The fixed asset will be depreciated straight-line to zero over its 3-year tax life, after which time it will have a market value of $117,600. The project requires an initial investment in net working capital of $168,000. The project is estimated to generate $1,344,000 in annual sales, with costs of $537,600. The tax rate is 24 percent and the required return on the project is 9 percent.

a. What is the project's Year 0 net cash flow?

b. What is the project's Year 1 net cash flow?

c. What is the project's Year 2 net cash flow?

d. What is the project's Year 3 net cash flow?

e. What is the NPV?