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4. Sub-Prime Loan Company is thinking of opening a new office, and the key data are shown below. The company owns the building that would be used, and it could sell it for $100,000 after taxes if it decides not to open the new office. The equipment for the project would be depreciated by the straight-line method over the project's 3-year life, after which it would be worth nothing and thus it would have a zero salvage value. No change in net operating working capital would be required, and revenues and other operating costs would be constant over the project's 3-year life. What is the project's NPV? (Hint: Cash flows are constant in Years 1-3.) Do not round the intermediate calculations and round the final answer to the nearest whole number. WACC Opportunity cost Net equipment cost (depreciable basis) Straight-line depr. rate for equipment Annual sales revenues Annual operating costs (excl. depr.) Tax rate 10.0% $100,000 $65,000 33.333% $128,000 $25,000 35% a. 020,353 b. 022,592 c. 021,168 d. 021,575 e. 017,707 ANSWER: a