Revenues generated by a new fad product are forecast as follows:YearRevenues$1$$ $40,000230,000320,00045,000$Thereafter$0$Expenses are expected to be $40\%$ of revenues, and working capital required in each year is expected to be $20\%$ of revenues in the following year. The product requires an immediate investment of $$49,000$ in plant and equipment.Required:What is the initial investment in the product? Remember working capital.If the plant and equipment are depreciated over $4$ years to a salvage value of zero using straight$-$line depreciation, and the firms tax rate is $20\%,$ what are the project cash flows in each year?If the opportunity cost of capital is $10\%,$ what is project NPV$?$What is project IRR?