Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.9 million. The fixed asset will be depreciated on a three-year MACRS schedule. The project is estimated to generate $2,190,000 in annual sales, with costs of $815,000. The project requires an initial investment in net working capital of $300,000, and the fixed asset will have a market value of $210,000 at the end of the project. What is the project's Year 0 net cash flow? Year 1 ? Year 2? Year 3? The tax rate is 21 percent. If the required return is 12 percent, what is the project's NPV? Complete the following analysis. Do not hard code values in your calculations. You must use the built-in Excel function to calculate the NPV. 19 19 20 Complete the following analysis. Do not hard code values in your calculations. You must use the built-in Excel function to calculate the NPV. \begin{tabular}{|l|l|} \hline 21 & \\ \hline 22 & Sales \\ \hline 23 & Costs \\ \hline 24 & Depreciation \\ 25 & EBT \\ \hline 26 & Taxes \\ 27 & Net income \\ \hline 28 & \\ \hline 29 & Fixed asset book value \\ \hline 30 & in three years \\ \hline 31 & \\ \hline 32 & Aftertax salvage value \\ \hline 33 & Sell equipment \end{tabular} 33 Sell equipment 34 Taxes 37 Capital spending 38 Net working capital 39 OCF 40 Net cash flow 42 NPV 43 44 45 46