Company M is a U$.$S$.$ based electric car manufacturer. The company will invest $70$ million USD in setting up a new subsidiary in Malaysia. The company will use electronic components from the U$.$S$.$ and source other components locally. Company M will use local labour to assemble and sell the finished products locally. The company expects the project to last for $12$ years. The expected revenues for the first five years are MYR $85$ million, MYR $93$ million, and MYR $100$ million. It will grow $6\mathrm{.}12\%$ annually afterwards. The company expects$0\mathrm{.}55$ ringgit $($MYR$)$ of variable cost for every ringgit of revenue. The fixed costs, including wages, leasing and rental charges, insurance, and maintenance fees, are $23$ million ringgit annually. The depreciation is $5$ million ringgit per year based on the straight$-$line method. The subsidiary will remit $65\%$ of the net cash flow to the parent company at the end of the year. The corporate tax rate in Malaysia is $25\%.$ However, by adopting green technology, Company M will receive a lower tax rate of $11\%$ for the first seven years. Remittances from Malaysia to the United States are tax exempted. Malaysia imposes a $21\%$ withholding tax and a $4\%$ tax rate on the remittance of foreign$-$sourced income received in Malaysia. The company will assume a fixed exchange rate of USD $0\mathrm{.}45/$MYR for the project. The parent company has a cost of capital of $18\%.$ Company M estimates the subsidiary will have a $17-$million$-$ringgit salvage value at the end of the project. i$)$ Prepare a capital budgeting analysis for this Malaysian. ii$)$ Based on part $($i$),$ suppose the Malaysian government passes legislation to allow the repatriation of divestment proceeds, profits, dividends or any income arising from investments in Malaysia up to $12$ million ringgit per year for businesses whose commencement date of commercial operation is less than $48$ months. If Company M aims to remit the maximum amount allowed under the Malaysian rules as soon as possible and if the subsidiary can invest the retained cash flows in Malaysia for $11\%$ per annum.