The Freeman Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated below. The corporate tax rate is 40 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 $ 33,000 Year 1 Year 2 Year 3 Year 4 Investment Sales revenue Operating costs Depreciation Net working capital spending $17,000 3,600 8,250 440 $17,500 3,700 8,250 490 $18,000 3,800 8,250 390 $15,000 3,000 8,250 390 a. Compute the incremental net income of the investment for each year. (Do not round intermediate calculations.) Year 1 $ Year 2 $ 3090 Net income Year 3 $ 3570 3330 Year 4 $ 2250 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.) Year 1 Year 3 Year 4 Cash flow Year o $ 32610 $ $ 10900 10900 $ 10790 $ 11430 $ c. Suppose the appropriate discount rate is 11 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.) NPVD