When fully operational, a semiconductor factory is expected to generate $30 million in net revenue per year for fifteen years. There is no cost or scrap value in winding up the plant at the end of its useful life. The plant can be built in one year at a cost of $250 million; in two years at a cost of $100 million per year; or in three years at a cost of $65 million per year. Should the company invest in this plant when interest rates are 6 percent? When interest rates are 9 percent? In each case, over how many years? How, if at all, would your answer change if the company required a premium on its return to investment of 5 percent over the market rate of interest to cover risk? (See the Excel hints in Problems 14.9 and 14.11.)