Question 4. (3 marks) Kingston Corp. is considering a new machine that requires an initial investment of $480,000 installed, and has a useful life of 8 years. The expected annual after-tax cash flows for the machine are $89,000 for each of the 8 years and nothing thereafter.

a. Calculate the net present value of the machine if the required rate of return is 11 percent.

b. Calculate the IRR of this project.

c. Calculate the MIRR of this project.

d. Should Kingston accept the project (assume that it is independent and not subject to any capital rationing constraint)? Explain your answer.