Question 1 (20 points): Consider an investment that has a project life of 12 years and requires an investment of s1,000,000 at time zero for machinery and equipment to be depreciated over 8 years with half year convention straight line depreciation method (starting in year 1 and continuing to year 9). Annual revenue is estimated to be S250,000 and annual operating costs of $75,000. $200.000 is needed for working capital at time zero and is expected to freed-up (returned) at the end of the project (year 12) The salvage value of the machinery and equipment will be zero while an environmental remediation cost will be required to be paid at the end of year 12 as an additional operating cost. The minimum After Tax Cash Flow ROR is 12% and the effective income tax rate is 25%. Calculate the After Tax Cash Flow, NPV, and ROR of the project. Question 2 (20 points): Calculate the depreciation in question 1 using Declining Balance Depreciation method and declining balance rate of 180%, with the asset to be depreciated over 6 years. Show your work in detail for depreciation calculations please. Calculate After Tax Cash Flow NPV, and ROR of the project and compare your results with question 1