$1.$ What yearly cash flows are relevant for this investment decision? Do not forget the effect of taxes and the initial investment amount.

$2.$ What discount rate should Worldwide Paper Company $($WPC$)$ use to analyze those cash flows? Be prepared to justify your recommended rate and the assumptions that you used to estimate it$.$

$3.$ What is the net present value $($NPV$)$ and internal rate if return $($IRR$)$ and the modified internal rate of return $($MIRR$)$ for this investment?