The Bristol Manufacturing Company is considering an investment in a new automated inventory system for its warehouse that will provide cash savings to the firm over the next five years. The firm's CFO anticipates additional earnings before interest, taxes, depreciation, and amortization (EBITDA) from cost savings equal to $400,000 for the first year of operation of the center, and over the next four years the firm estimates this amount will grow at a rate of 10% per year. The company's interest expense over the five-year period will be constant at $50,000 per year. The inventory system will require an initial investment of $1,500,000 that will be depreciated over a five-year period using straight line depreciation and a zero estimated salvage value. After the initial investment, no capital expenditures are planned. The net working capital remains constant over the investment period. a) Calculate the project's annual project free cash flow (PFCF) for each of the next five years where the firm's tax rate is 25%. b) If the cost of capital for the project is 13%, what is the projected net present value (NPV) for the investment? c) Produce a new calculation using cost of capital that are closer to the internal rate of return. Based on your calculation, make an informed guess on the actual internal rate of return