The firm is now (in 2021) considering the following investment opportunity for the period 2022-2029. Data is as follows Initial Outlay $1,600,000 Upgrade $700,000 Required at the end of Year 4 Incremental Sales 350,000 Increased sales units per annum - (Year 5-8) Working Capital $45,000 Increase required Estimated Life 8 Years Salvage Value $60,000 Depreciation Rate 0.125 For tax purposes The machine is fully depreciated by the end of its useful life Other Cash Expenses $60,000.00 Per annum (Years 1-4) Other Cash Expenses $76,000.00 Per annum (Years 5-8) Production Costs $0.15 Per Unit Sales price $0.75 Per Unit (Years 1-4) Sales price $1.02 Per Unit (Years 5-8) Sales estimates for next 8 years starting from 2022 Year Sales (Units) 2022 679651 2023 694903 $800,000 Preference Shares $2,000,000 Ordinary Shares Current Market Values $2,000,000 Long-Term Debt $750,000 Preference Shares $4,000,000 Ordinary Shares Tax Rate 33% Risk Free Rate 5% 2024 710155 2025 725406 2026 740658 2027 755909 2028 771161 2029 786413