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7) (Chapter 8) - You are the manager of a corporation. The corporation owns a manufacturing plant that is currently sitting idle. You are able to lease the plant for $500 per year. However, you recently developed a new product, called the mind reader, that can read your thoughts. You have already spent $1,000 developing this product. You are planning to produce the mind reader at this idle facility. The fixed assets for this project will cost $10,000 and be depreciated on a straight-line basis over 10 years. You expect to sell you're the mind reader for $1 each. In year 1 you expect to sell 1,000 mind readers. Afterwards, you expect to sell 2,000, 3,000, 4,000, and 5,000 units in years 2,3,4, and 5 respectively. You expect your manufacturing costs to be 50% of the sales price per unit. This project will add an additional $200 of fixed overhead costs to your company each year. Also, you will have to invest an additional $500 in net working capital in order to purchase inventory, pay suppliers, and collect your accounts receivable. The corporate tax rate is 30%. After 5 years technology will have advanced such that the mind reader will be obsolete, and this project will be shut down. Your net working capital will be restored to pre-project levels, and you will sell your manufacturing equipment. You estimate that you will be able to sell your manufacturing equipment for $4,000. If your cost of capital is 8.5%, what is the NPV of this project? What is the IRR of this project? What is the payback period for this project? Should you undertake this project