D Quad Enterprises is considering a new three-year expansion project that requires an initial fxed asset investment of $2.9 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life. The project is estimated to generate $2,190,000 in annual sales, with costs of S815,000. The project requires an initial investment in net working capital of $300,000, and the foxed asset will have a market value of $210,000 at the end of the project. What is the project's Year Onet cash flow? Year 1? Year 2? Year 3? The tax rate is 21 percent. If the required return is 12 percent, what is the project's NPV? Asset investment S 2,900,000 Estimated annual sales S 2,190,000 Costs S 815,000 Net working capital S 300,000 Pretax salvage value s 210,000 Tax rate 21% Project and asset life 3 Required return 12% + Complete the following analysis. Do not hard code values in your calculations. You must meatho built in Excel function to calculate the MOV B D E F G 16 Complete the following analysis. Do not hard code values in your calculations. You must use the built-in Excel function to calculate the NPV. 17 18 19 20 Aftertax salvage value Sell equipment Taxes Aftertax cash flow 21 22 23 24 25 26 Sales Costs Depreciation EBT Taxes Net income 27 28 29 30 to to 09 31 32 33 34 35 Capital spending Net working capital OCF Net cash flow NPV 36 27 Sheet1 + E