You must evaluate the purchase of a proposed spectrometer for the R&D department. The purchase price of the spectrometer is $650,000, and you need to spend $85,000 on the equipment to put it into functional use. The equipment has a useful life of 4 years, and it will be depreciated using the straight-line method. The equipment would require an $96,000 increase in net operating working capital (spare parts inventory). The project would have no effect on revenues, but it should save the firm $280,000 per year in before-tax labor costs. The firm's marginal federal-plus-state tax rate is 25%. The equipment has no salvage value at the end of its useful life. adatoto niy a. What is the initial investment outlay for the spectrometer after bonus depreciation is considered, that is, what is the Year 0 project cash flow? b. What are the project's annual cash flows in Years 1, 2, 3 & 4? Ennison originald al lado dondoca o bloco DAW se c. If the WACC is 8.5%, should the spectrometer be purchased? Explain