4. We are evaluating a project that cost $346,500, has a three-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 75,000 units per year. Price per unit is $46, variable cost per unit is $31, and fixed costs are $825,000 per year. The tax rate is 35 percent, and we require a 15 percent return on this project. The following table provides the information of working capital Year Working capital 1 20,000 2 10,000 3 0 (1) Calculate the depreciation for each year. (5) (2) Calculate the financial break-even point (tax should be considered). What is the degree of operating leverage at the accounting break-even point? (10) (3) Calculate the cash flow due to changes in working capital for each year. (5) (4) Calculate the total cash flow and NPV. Should we undertake the project? (10)