Operating Costs: Variable costs are projected at $20\%$ of sales, and fixed operating costs of $$80$ million annually.

Maintenance Expenses: Maintenance expenses are $$1$ million in $2025,$ with a projected annual growth of $5\%.$

Marketing Expense: Marketing expenses are $$500,000$ in $2025,$ with a projected annual growth of $1\%.$

Staff Training: Training costs are $$200,000$ in $2025,$ with a projected annual growth of $3\%.$

CEO Salary: The salary of CSL$\text{'}$s Chief Executive Officer $($CEO$)$ is $$700,000$ in $2024$ and is not expected to change whether the New Biotech Project is approved by the CSL$\text{'}$s Board of Directors or not.

Resale Value: CSL assumes that the New Biotech Project buildings can be sold for $$50$ million in $2031.$ The resale value of the machines is $$10$ million in $2031.$

Working Capital: If the Board approves the New Biotech Project, CSL anticipates that it will require inventory to increase to a level of $$10$ million today $(2024)$ compared with the existing amount of $$7$ million $(2023).$ In addition, accounts payable is expected to increase by $$4$ million to $$10$ million. Further, the Accounts Receivable balance will increase from the current level of $$8$ million in $2023$ to $$11$ million in $2024.$

Tax Rate and Required Return: Assume a tax rate of $30\%$ and a required rate of return of $12\%.$