A machine costs $600 today (year 0). Assume this investment is fully tax-deductible, as stipulated by the new US Corporate tax code of 2018. This company has current pre-tax profits from other projects that are greater than $600, so it can take full advantage of the investment tax break above in year 0. The machine will generate operating profits before depreciation (EBITDA) of $250 per year 4 years. The first cash flow happens at the end of the first year after the machine is put in place (year1). Depreciation is not tax-deductible. Notice that you do not need to calculate depreciation at all to solve rate is 21%. There is no salvage value at the end of the four years (the machine is worthless), and no required working capital investment. Compute the NPV of the project if the discount rate is 6%