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(Question 4 - 8) You are evaluating a project for The Ultimate recreational tennis racket, guaranteed to correct that wimpy backhand. You estimate the revenue and operating cost of The Ultimate to be as follows: Year 2 Revenue RM430,000 RM490,000 RM600,000 RM530,000 RM380,000 Operating costs RM330,000 RM380,000 RM470,000 RM440,000 RM320,000 The project life is 5 years. The project requires the purchase of new equipment costing RM175,000 with modification of RM25,000. The salvage value at the end of year 5 is RM15,000. The new equipment qualifies for the accelerated capital allowance rates as follows: Year 1 - 30%; Year 2 - 20%; Year 3 - 20%; Year 4 - 10%; Year 5 - 10%; and Year 6 - 10% on cost. Initial net working capital (NWC) investment is RM35,000 and then NWC will maintain at a level equal to RM45,000 thereafter. The NWC will be fully recovered at the end of the project life. You expect the sales of ACE which is similar to The Ultimate to decrease by RM40,000 and operating expenses will decrease by RM15,000. The beta factor of this investment is 1.0. The company targeted capital structure is 60% equity and 40% debt. The cost of debt after tax is 9%. The market rate of return is 14% and the risk-free is 4%. The tax rate is 26%. 1. What is the initial outlay of the project (t = 0)? A. (RM175,000) B. (RM200,000) C. (RM235,000) D. (RM280,000) 2. What is the net cash flow for year 1 (t = 1)? A. RM61,100 B. RM69,150 L C. RM89,600 D. RM134,600 3. What is the net cash flow for year 3 (t = 3)? A. RM77,000 B. RM88, 100 C. RM106,600 D. RM117,700 4. What is the present value of cash flow for year 5 (t = 2)? A. RM37,393 B. RM46,132 C. RM49,848 D. RM52,430