Question 3 (a) Calculate the NPV for the following capital budgeting proposal with a 5 year useful life: $100,000 initial cost, to be depreciated straight-line over 5 years. Salvage value of $5,000 only in year 5, 35% tax rate, $45,000 additional annual revenues from year 1 to 5, $15,000 additional annual expenses from year 1 to 5, depreciation for each year from year 1 to 5 is 19000, $8,000 additional investment in working capital to be invested in year 0 and retired in full amount in year 5, and 11% cost of capital. (10 marks)