Runharembozha Company(Runhare) is considering production of a new cell phone with the following associated data: Expected annual revenues: $750,000 Projected product life cycle: five years Equipment: $800,000 with a salvage value of $100,000 after five years Expected increase in working capital: $100,000 (recoverable at the end of five years) Annual cash operating expenses: estimated at $450,000 Required rate of return: 12 percent Required: a) Estimate the annual cash flows for the cell-phone project. (10 marks) b) Using the estimated annual cash flows, calculate the NPV. (5 marks) c) What if revenues were overestimated by $150,000? Redo the NPV analysis, correct-ing for this error. Assume the operating expenses remain the same. (5marks) d) Describe capital investment for advanced technology and environmental impact Settings (5 marks) e) Describe capital investment for advanced technology and environmental impact settings.(5 marks)