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The Spartan Technology Company has a proposed contract with the Digital Systems Company of Michigan. The initial investment in land and equipment will be $350,000, of this amount, $280,000 is subject to five-year MACRS depreciation. The balance is in nondepreciable property. The contract covers six years, at the end of six years, the nondepreciable assets will be sold for $70,000. The depreciated assets will have zero resale value. Use Table 12-12 The contract will require an additional investment of $62,000 in working capital at the beginning of the first year and, of this amount, $42,000 will be returned to the Spartan Technology Company after six years, The investment will produce $101,000 in Income before depreciation and taxes for each of the six years. The corporation is in a 25 percent tax bracket and has a 8 percent cost of capital. a. Calculate the net present value. (Do not round intermediate calculations and round your answer to 2 decimal places.) Not present value b. Should the investment be undertaken? Yes O No Table 12-12 Depreclation percentages (expressed in decimals) Depreciation Year 10-Year MACRS 20-Year MACRS 1 2 3 3-Year MACRS 0.333 0.445 0.148 0.074 5-Year MACRS 0.200 0.320 0.192 0.115 0.115 0.058 7-Year MACRS 0.143 0.245 0.175 0.125 0.089 0.089 0.089 0.045 4 5 6 7 8 0.100 0.180 0.144 0.115 0.092 0.074 0.066 0.066 0.065 0.065 0.033 NO 15-Year MACRS 0.050 0.095 0.086 0.077 0.069 0.062 0.059 0.059 0.059 0.059 0.059 0.059 0.059 0.059 0.059 0.030 . 9 10 11 12 13 14 15 16 17 18 19 20 21 0.038 0.072 0.067 0.062 0.057 0.053 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.017 1.000 1.000 1.000 1.000 1.000 1.000