Revenues generated by a new fad product are forecast as follows: Revenues Year 123 $ 44,000 Thereafter 30,000 20,000 10,000 e Expenses are expected to be 50% of revenues, and working capital required in each year is expected to be 20% of revenues in the following year. The product requires an immediate investment of $48,000 in plant and equipment. Required: a. What is the initial investment in the product? Remember working capital. b. If the plant and equipment are depreciated over 4 years to a salvage value of zero using straight-line depreciation, and the firm's tax rate is 40%, what are the project cash flows in each year? c. If the opportunity cost of capital is 15%, what is project NPV? d. What is project IRR?