Suppose you are the project manager in a multinational corporation and evaluating a project in Singapore. The project will require an Initial investment of $20 million ( $= Singapore dollars) and expected to generate cash flows for the next 3 years. It is expecting to sell 90,000 units in year 1,2 and 3@$360 /unit. The project will require both variable and fixed costs as follows: - Variable costs: $200/ unit each year - Annual fixed expenses: $2 million per year - Depreciation: 5$2 million each year The subsidiary will pay 30% income tax and 20% withholding tax on remitted funds. The subsidiary will remit 80% of earnings. Currently, the spot exchange rate is $0.50 for the Singapore dollar and this exchange rate is assumed to appreciate at a rate of 10% over the next 3 years. At the end of 3 years, the project can be sold at $14 million and the salvage value is not subject to any corporate or withholding tax. Your company requires a 13% rat of return from this investment. consider the wormation given bove and calculate the net present value of the project