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TextBox 1xVf F K H D G C E B 2 3 4 5 EH Books is a publisher of books that does all of its own book production - from text edit to printing and binding the books. EH is planning to create a new glossy book to commemorate the upcoming 100h anniversary of the founding of the BBC (the British Broadcasting Corporation). The publishing project will last 4 years after which EH expects the demand for this book to have been exhausted and the project completed. The printing of this book will require a different printing process than EH's other books. As a result, EH would need to 8 purchase printing machinery and equipment for $1,250,000. Installation for the equipment will cost an additional $75,000. EH will use straight line depreciation for this project. EH has already paid for some preliminary design work for the book. This 10 design work cost $25,250. EH expects the following sales figures: 7 9 13 Year 1 15 Year 2 Year 3 Year 4 17 18 Units Sold 20,000 15,000 10,000 5,000 The sales price of the book would be $75. Variable costs for the book will be $25. There will be additional annual fixed costs of $11,500 The book project will require an initial injection of net working capital of $7,500 which will be returned at the end of the project EH's corporate tax rate is 34% and EH has decided that the appropriate discount rate for this project is 15%. a. Determine the free cash flows of the project for time to time 4. b. Calculate the NPV and IRR for this project. 2. Should EH undertake the publishing of this book? 20 23 23 24 26 Question 1A Question 1B Question 10 Question 1D Question 2 Question 3 +