TechLogic has an investment opportunity to produce new wireless laptop speakers. The relevant data for the new project are: The required investment on January 1 of this year is $47m. The firm will depreciate the investment to zero using the straight-line method over four years. The investment has no resale value after completion of the project. The price of the product will be $240 per unit and will not change over the life of the project. Labor costs for year 1 will be $9.20 per hour and will increase at 3 percent per year. Raw material costs for year 1 will be $160 per physical unit and will decrease at 5 percent per year. All output is sold in the same year that is produced. Revenues are received and costs are paid at year end. Production schedule is according to the following schedule: The firm is in the 35 percent tax bracket. The discount rate for TechLogic is 12 percent. What is the NPV of this project? You will now proceed to a step-by-step calculation of the NPV of this project. You should work with an Excel spreadsheet to organize your work as you progress through the problem. Use the