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Exercise 6 The Elonton Compny is considering the introduction of a new product. It would have a five-year life, and sales and earnings before interest and taxes (EBIT) are expected to be as follows: End of Year Net Sales EBIT 1 $2.0 million $150,000 2 3.0 million 300,000 3 7.0 million 700,000 4 7.0 million 700,000 5 2.0 million 250,000 RACUNH The level of (net) working capital would change as follows because of the new product: increase by $100,000 at time zero, increase by another $200,000 at the end of year one, increase by another $500,000 at the end of year 2, no further change until the end of year 4 when there is a decrease of $400,000, and the balance is freed up at the end of year 5. Equipment costing $1.3 million would be required. It would be depreciated on a straight-line basis over a five-year life to a zero salvage value. Finally, the firm's marginal tax rate is 30 percent, and the required rate for this investment is 15 percent. (You may ignore the investment tax credit.)