You're considering purchasing a new limousine for your transportation services business, Miami Luxury Transportation, LLC. You believe the limousine will increase your business's gross profit by $36,000 each year for the next seven years. The cost of the limousine will be $85,000. For tax purposes, this five-year asset life vehicle will be depreciated using the MACRS half-year convention depre- ciation method (see the MACRS half-year convention depreciation rate table included at figure 10.1). You believe you can sell the limousine for $5,000 at the end of year 7. Your company is an LLC that's taxed like a partnership, but because the per- sonal income tax situations of you and your business partners are heavily im- pacted by what happens with the business, you and your business partners have agreed to use an income tax rate of 24 percent when making capital budgeting decisions. As a result of the limousine purchase, your business will experience the following increases in annual expenses: insurance, $1,500; vehicle main- tenance, $1.750; and gas expense. $4,800. Because your business can borrow money at 9 percent, you think 9 percent is a reasonable discount rate to use to evaluate this investment decision. a. Develop a tax depreciation schedule for this proposed limousine purchase. b. Calculate the EAATBs for years 1-7 associated with this proposed limousine purchase. c. Determine the payback period associated with this proposed limousine pur- chase. Based on the results of your calculations, should you purchase the limousine? d. Calculate the NPV associated with this proposed limousine purchase. Based on the results of your calculations, should you purchase the limousine? e. Use Microsoft Excel to calculate the IRR associated with this proposed lim- ousine purchase