The Fancy Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is 22 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project. Year 0 Investment $ 28,000, Net working capital spending 385

Year 1 Sales revenue $ 15,100, Operating costs 3,750, Depreciation 7,000, Net working capital spending 285

Year 2 Sales revenue $ 16,700, Operating costs 3,525, Depreciation 7,000, Net working capital spending 395

Year 3 Sales revenue $ 18,100, Operating costs 5,900, Depreciation 7,000, Net working capital spending 235

Year 4 Sales revenue $ 14,600, Operating costs 4,500, Depreciation 7,000, Net working capital spending ?

a. Compute the incremental net income of the investment for each year. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

b. Compute the incremental cash flows of the investment for each year. (A negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

c. Suppose the appropriate discount rate is 9 percent. What is the NPV of the project? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)