Summer Tyme, Inc., is considering a new 3-year expansion project that requires an initial fixed asset investment of $2.592 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 $201,600. The project requires an initial investment in net working capital of $288,000. The project is estimated to generate $2,304,000 in annual sales, with costs of $921,600. The tax rate is 31 percent and the required return on the project is 13 percent.

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P10-11 Calculating Project Cash Flow from Assets L011 Summer Tyme, Inc., is considering a new 3-year expansion project that requires an initial fixed asset investment of $2.592 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 $201,600. The project requires an initial investment in net working capital of $288,000. The project is estimated to generate $2,304,000 in annual sales, with costs of $921,600. The tax rate is 31 percent and the required return on the project is 13 percent. Required: (a) What is the project's year 0 net cash flow? 2,880,000 (b) What is the project's year 1 net cash flow? 1,221,696 (c) What is the project's year 2 net cash flow? 1,221,696 (d) What is the project's year 3 net cash flow? 1,648,800 (e) What is the NPV