The HL-Ram chemical company is considering investing in a chemical plant at the end of 2020.

The cost of the plant is $180,000, and an additional $20,000 must be invested in working capital

for catalyst and spare parts. The plant cost will be depreciated starting in 2021 using MACRS

depreciation. At the end of 2035, the expected salvage value is $170,000. Annual sales revenue

is estimated to be $100,000 in 2021 with operating costs of $40,000. In years 2022 through 2035,

escalation of operating costs and sales revenue are projected to be a washout. The effective tax

rate is 21%, and the after tax hurdle rate is 15%. Calculate the after-tax NPV, DCFROR,

undiscounted pay back period, and discounted payback period.