uction PA Chemical currently discharges liquid waste into Pittsburgh's municipal sewer system. However, the Pittsburgh municipal government has informed PA that a surcharge of SO per thousand cubic liters will soon be imposed for the discharge of this waste. hws prompted management to evaluate the desirability Of treating its own liquid waste. A proposed system consists Of three elements. Thc first is a retention basin. Which would permit unusual discharges to held and twated tk:forc entering downstream system. The second is a continuous selfcleaning rotary filter required where solids are removed. The third is an automated neutralization process required where materials are added to control the alkalinity-acidity range. The system is designed to pmcess liters a day. However. management anticipates that only about 350.000 liters of liquid waste would be processed in a normal workday. The company OFrates 300 days per year. The initial investment in the system would be and annual (waling costs are predicted to be S280.OOO. The system has a predicted useful life of 10 years and a salvage value of S 100,000. Required a. Determine the project's net present value at a discount rate of 14%. b. Determine the project s approximate internal rate of return. (Refer to 25B if you use the table approach. c. Determine the project s payback lxriod.