Scenario Withholding Tax Salvage Value 1 10.00% S$12,000,000 2 20.00% S$12,000,000 3 10.00% S$7,000,000 4 20.00% S$7,000,000 Given these scenarios, Sherman seeks to estimate the expected net present value of the project in the face of this uncertainty. Now that you have calculated the NPV for scenario 2, Sherman management has provided you with the net present value of the project under the other scenarios as well, as shown in the table. Given the probabilities of each tax rate scenario, and each salvage value scenario, complete the last column of the table, filling in the (joint) probability of each scenario occurring. Hint: Assume that the value of the tax rate and the salvage value are independent of each other. Scenario Tax Rate Salvage Value NPV Probability 1 10.00% $12,000,000 $3,234,161 % 2 20.00% $12,000,000 $2,144,868 % 3 10.00% $7,000,000 $1,804,778 % 4 20.00% $7,000,000 $715,485 % Scenario Withholding Tax Salvage Value 1 10.00% S$12,000,000 2 20.00% S$12,000,000 3 10.00% S$7,000,000 4 20.00% S$7,000,000 Given these scenarios, Sherman seeks to estimate the expected net present value of the project in the face of this uncertainty. Now that you have calculated the NPV for scenario 2, Sherman management has provided you with the net present value of the project under the other scenarios as well, as shown in the table. Given the probabilities of each tax rate scenario, and each salvage value scenario, complete the last column of the table, filling in the (joint) probability of each scenario occurring. Hint: Assume that the value of the tax rate and the salvage value are independent of each other. Scenario Tax Rate Salvage Value NPV Probability 1 10.00% $12,000,000 $3,234,161 % 2 20.00% $12,000,000 $2,144,868 % 3 10.00% $7,000,000 $1,804,778 % 4 20.00% $7,000,000 $715,485 %