The Fleming Manufacturing Company is considering a new investment. Financial

projections for the investment are tabulated below. The corporate tax rate is $23$ 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.

a$.$ Compute the incremental net income of the investment for each year. $($Do not round

intermediate calculations.$)$

b$.$ Compute the incremental cash flows of the investment for each year. $($Do not round

intermediate calculations. A negative answer should be indicated by a minus sign.$)$

c$.$ Suppose the appropriate discount rate is $12$ percent. What is the NPV of the project?

$($Do not round intermediate calculations and round your answer to $2$ decimal

places, e$.$g$.,32\mathrm{.}16.)$

$$,4,573\mathrm{.}52$