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Question Currently, Kalton Prism is considering purchasing a new machine that costs 100,000 payable immediately. The supplier of the machine provides a warranty of 3 years. Kalton Prism is risk-averse and sets the project life to be also 3 years. At the end of the project the machine is expected to be sold for 40,000. The firm's policy is to depreciate assets of this type using the straight-line method over the life of the project. However, the firm complies to the tax authority's advisory on capital allowances taken at 25 percent on a reducing balance basis. The marginal rate of tax is expected to be 30 percent. Taxes are paid one-year in arrears. Turnover is expected to reach 60,000 in the first year, rising by a compound 20 percent per year for year 2 and year 3. Variable costs are expected to be 20 percent of turnover. Fixed cost (excluding depreciation) is 10,000 in year 1 , rising by 30 percent per year in year 2 and year 3 . In addition to the machine, the firm needs to commit to working capital in order to support the level of yearly sales. The required working capital is equivalent to 30 percent of yearly sales. The working capital is required at the start of each year. Projects of similar risk requires a return of 15 percent per year. Required: a) Calculate the taxable profits for years one to three. b) Calculate the net cash flows for years zero to four. c) Calculate the Net Present Value of the project