Summer Tyme, Inc., is considering a new 3-year expansion project that requires an initial fixed asset investment of $1.8 million. The fixed asset falls into the 3-year MACRS class (MACRS Table) and will have a market value of $138,600 after 3 years. The project requires an initial investment in net working capital of $198,000. The project is estimated to generate $1,584,000 in annual sales, with costs of $633,600. The tax rate is 30 percent and the required return on the project is 18 percent. (Do not round your intermediate calculations.)

Required:

(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?