Year 3 Net invest. outlay $302,040 Year 4 Year 5 Annual cash flows: Year 6 Deprn A.T. Cost Year Tax saving Saving Net CF Cum CF ONOUA UNPO ($302,040) ($302,040) $21,816 $48,640 70,456 (231,584) $34,906 $48,640 83,546 (148,038) $20,725 $48,640 69,365 (78,673) $13,090 $48,640 61,730 (16,944) $11,999 $48,640 60,639 43,695 $6,545 $48,640 55,185 98,880 $0 $48,640 48,640 147,520 $0 $48,640 58,240 205,760 NPV: $23,963.09 Analysis of Short-Term Project: IRR: 14.4% Cost ($150,000) TV: - Year 1 CF $175,000 MIRR: 13.07% NPV $5,580 Payback: Err:511 IRR 16.7% PI: 0.08 MIRR 16.7%