Winter Tyme, Inc., produces coats and jackets for the Seattle market. The company is considering a new 3-year expansion project into the Portland market. The expansion requires an initial investment of $3.726 million in new plant and equipment. These assets will be depreciated straight-line to zero over its 3-year tax life, after which time the assets can be sold for $289,800.

The expansion also requires an initial investment in net working capital of $414,000, but this investment will be recovered at the end of the project's life. The project is estimated to generate $3,312,000 in annual sales, with costs of $1,324,800. The tax rate is 34 percent and the required return on the project is 13 percent.

Required:
(a)	What is the project's start-up cost, the year 0 cash flow from assets? Hint: this typically doesn't include OCF.
	(Click to select) -3,933,000 -4,554,000 -4,347,000 -3,726,000 -4,140,000

(b)	What is the project's year 1 cash flow from assets?
	(Click to select) 1,907,215 1,733,832 1,647,140 1,820,524 1,560,449

(c)	What is the project's year 2 cash flow from assets?
	(Click to select) 1,560,449 1,733,832 1,647,140 1,820,524 1,907,215

(d)	What is the project's year 3 cash flow from assets?
	(Click to select) 2,456,055 2,339,100 2,222,145 2,105,190 2,573,010

(e)	What is the NPV?
	(Click to select) 373,323 -795,696 1,642,785 367,842 391,989