The Poulin company is considering an investment project for a new model of electric bike. The revenues generated by the project would be $450,000 per year for 4 years; For this annual sales level, operating expenses would be $ 200,000 per year, excluding depreciation; The company will have to acquire equipment at a cost of $800,000. Its salvage value at the end of the project would be $100,000. The capital cost allowance (CCA) rate is 50% per year, with the half-year rule. The company will have to invest an amount equal to 20% of annual revenues in its working capital (WC). This investment has to be made at the beginning of the project and will be fully recovered at the end of the project; The company plans to finance 40% of its investment in equipment through a loan at the nominal rate of 6% per year, compounded semi-annually, repayable in four year- end equal payments which will include principal and interest. The company will be entitled to the small business deduction (SBD), which reduces its tax rate to 13%; The minimum acceptable annual rate of return (MARR) for equity financing is 15%. Should the Poulin company agree to undertake this project? Use the net present value (NPV or NPW) criterion. Note 1: For this question, assume there is no inflation Note 2: After-tax cash flow, year by year, is necessary in developing the solution.