1a.Your firm is considering a project that would require purchasing $7.2 million worth of new equipment. Determine the present value of the depreciation tax shield associated with this equipment if the firm's tax rate is 20% using the alternative depreciation methods below. Note that because the depreciation tax shield is essentially a riskless cash flow (assuming the firm's tax rate remains constant), the appropriate cost of capital to evaluate the benefit from accelerated depreciation is the risk-free rate; assume this rate is 10% for all maturities. a. Straight-line over a 10-year period, with the first deduction starting in one year. (Round the final answer to three decimal places. Round all intermediate values to four decimal places as needed.) b. Straight-line over a five-year period, with the first deduction starting in one year. c. Using MACRS depreciation with a five-year recovery period and starting immediately. d. 100% bonus depreciation (all the depreciation expense occurs when the asset is put into use, in this case immediately).

1b. Cellular Access, Inc. is a cellular telephone service provider that reported net income of $255 million for the most recent fiscal year. The firm had depreciation expenses of $122 million, capital expenditures of $227 million, and no interest expenses. Working capital increased by $11 million. Calculate the free cash flow for Cellular Access for the most recent fiscal year.The free cash flow is $_______million (Round to the nearest integer.)

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