Your company is considering an expansion project that requires an initial fixed asset investment of $2 million. Depreciation is straight-line to 0 over the 4-year life of the project. Salvage value is estimated to be $1 million at the end of the projects life. The project will be placed on land that could be sold today for $250,000 after tax. The project is estimated to generate $1 million in annual sales with annual costs of $300,000 on a pre-tax basis. There is an initial increase in net working capital of $100,000. The tax rate is 34% and the discount rate is 10%.(a) What is the initial cash flow at time 0 (today)?(b) What is the annual depreciation?(c) What are the annual Free Cash Flows?(d) What are the cash flows when the project shuts down?(e) What is the NPV?