Bob Ross Inc. is considering adding some automatic equipment to its production facilities. An investment of $280,000 will produce an initial annual benefit of $48,000, but the benefits are expected to decline $1,500 per year, making second-year benefits $46,500, third-year benefits $45,000, and so forth. The firm uses straight-line depreciation, a 5-year useful life and no salvage value at the end of the 5 years. Bob Ross Inc.s tax rate is 45%.

a) Based on the information found in Part A, and assuming an after-tax MARR of 10%, provide the formula to find the after-tax NPW of the project. Make sure to provide all function notation.

b)What is the after-tax NPW of this project?

c)Should this project be funded? Why or why not?