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Fox Pty Ltd (Fox) is a listed company on ASK and is aiming to invest $5, into a new product line. The residual value of this investment at the end of 5 years would be $5,, which is depreciated using Straight Line Method. This investment brings additional net operating income of $3, which would be increased by 7% each year till year 5. Also, for this investment, Fox is required to invest 3% of the new net operating income each year. Having tax rate of 3%= calculate: a) Investment Free ISash Flows for years I} to 5'? b) rev ifdiscount rate (mace) is 9%? c) NPV if the growth rate of net operating income is change by +2% and 2% (from T941, it is changed to 9% and 5% respectively), discount rate is still 9%. d) Discuss and analE if this investment is risky or not and advise what other methods would you recommend evaluating investment cash ow risk