Summer Tyme, Inc., is considering a new 3-year expansion project that requires an initial fixed asset investment of $4.968 million. The fixed asset will be depreciated straight-line to zero over its 3-year tax life, after which time it will have a market value of $386,400. The project requires an initial investment in net working capital of $552,000. The project is estimated to generate $4,416,000 in annual sales, with costs of $1,766,400. The tax rate is 31 percent and the required return on the project is 13 percent.

(a)	What is the project's year 0 net cash flow?

(b)	What is the project's year 1 net cash flow?

(c)	What is the project's year 2 net cash flow?

(d)

What is the project's year 3 net cash flow?

(e)	What is the NPV?