You work for Apple. After toiling away on $10 million worth of prototypes, you have finally produced your answer to Google Glasses: iGlasses. iGlasses will instantly transport the wearer into the world as Apple wants you to experience it: iTunes with the wink of an eye and apps that can be activated just by looking at them. You think that these will sell for 5 years until the next big thing comes along (or until users are unable to interact with actual human beings). Revenues are projected to be $454.7 million per year along with expenses of $353.8 million. You will need to spend $62.4 million immediately on additional equipment that will be depreciated using the 5-year MACRS schedule. Additionally, you will use some fully depreciated existing equipment that has a market value of $9.6 million. As iGlasses are an outcome of the R&D center, Apple plans to charge $5.2 million of the annual costs of the center to the iGlass product for 5 years. Finally, Apple's working capital levels will increase from their current level of $115.1 million to $141.3 million immediately. They will remain at the elevated level until year 5, when they will return to $115.1 million. Apple's discount rate for this project is 14.9% and its tax rate is 21%. Calculate the free cash flows and determine the NPV of this project.