P $15-51.$ LO$\mathrm{.}2-$LO$\mathrm{.}5($After$-$tax cash flows; payback; NPV; PI; IRR$)$ Forester Fashions is

considering the purchase of computerized design software. The software is expected to cost

$$320,000,$ have a useful life of five years, and have no salvage value at the end of its useful life.

Assume that tax regulations permit the following depreciation pattern for this software:

The company's tax rate is $35$ percent, and its cost of capital is $8$ percent. The software is expected

to generate the following cash savings and cash expenses:

a$.$ Prepare a time line presenting the after$-$tax operating cash flows.

b$.$ Determine the following on an after$-$tax basis: payback period, net present value,

profitability index, and internal rate of return. $($Round time and PI to one decimal point.$)$