Table 6.8 shows investment and projected income in euros for Flanel's new perfume factory. Forecast cash flows and calculate NPV. The nominal cost of capital in euros is 11 percent.

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2 3 6. 1. Capital investment 2. Accumulated depreciation 3. Year-end book value 83.5 - 12.0 35.8 47.7 6.9 54.6 89.1 30.3 5.2 11.9 41.7 16.7 25.0 59.6 23.9 3.2 27.1 62.1 11.9 23.9 59.6 7.6 67.2 47.7 35.8 5.3 41.1 81.0 27.5 5.2 11.9 36.3 14.5 21.8 71.6 83.5 0.0 0.0 0.0 29.7 10.1 5.2 11.9 71.6 4.4 76.0 27.0 9.2 15.5 11.9 -9.6 -3.8 -5.8 4. Working capital 5. Total book value (3 + 4) 6. Sales 7. Cost of goods sold 8. Other costs 9. Depreciation 10. Pretax profit (6 - 7 - 8 - 9) 11. Tax at 40% 12. Profit after tax (10 - 11) 2.3 85.8 2.5 14.4 37.8 12.9 5.2 11.9 7.8 3.1 4.7 51.3 17.4 15.5 11.9 6.4 2.6 3.9 21.1 5.2 11.9 23.9 9.5 14.3 2.5 1.0 1.5 4.8 7.2