You are given the following data on an investment project:

Investment cost	2,100,000
Annual sales	450,000
Annual costs	50% of sales
Duration	15 years
Working capital	10% of next years sales
Beta	0.8
Corporate tax rate	0
Risk free discount rate	3%
Expected market return	7%

1. What is the discount rate for the project?
2. What is the net present value of the working capital investment?
3. What is the net present value of the investment as a whole?
4. Discuss whether the project is an attractive investment, and what additional analysis you might want to carry out before making a final decision.