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CHAPTER 6 Capital Budgeting: Valuing Business Cash Flows 213 5. (Depreciation) You are considering the following investment: C D T 2 E 3 3,000 F 4 2,500 G 5 2.500 H 6 2.500 3,000 3,000 2.500 B 3 Year 4 Earnings before depreciation and taxes 5 Depreciation 6 Earnings before taxes 7 Tax (34%) 8 Net operating profit after tax 9 Capital investment (no salvage value) -10,500 10 Add back depreciation 11 Free cash flow 12 13 Discount rate 11% 14 NPV a. Assuming that the investment can be depreciated using 7-year straight-line depreciation with no salvage value, calculate the project NPV. What will be the company's gain in present value if it uses a 7-year modified accelerated depreciation (MACRS) schedule, given below: D E F G 17 Year D 2 24.49% H 6 0 8 5 18 MACRS depreciation 14.29% 17.49% 12.49% 8.93% 8.93% 8.93% 4,45%