Michael estimates that this venture will require an initial outlay of $255,000 to buy a refrigerated storage unit, which can be depreciated (Straight-Line method) to a salvage value of $120,000 in 20 years. In addition, he estimates that he will need $92,000 in working capital during the 20 years of the project. Annual sales are estimated to be $128,000 and annual expenses $78,000. At the end of the tenth year there will be an expense of $105,000 to properly maintain the storage unit. Michael estimates that the marginal tax rate will be 27% during the lifetime of the project. a. What is the terminal after-tax operating cashflow? b. If Michael requires a 8% RRR to make this investment, calculate the NPV of the project. c. Should he make the investment? d. What is the project's IRR? e. What is the projects payback period?

Please show formulas/steps. Thanks!