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4. (30 points) Determine whether the following contract described below is worthwhile of undertaking after taxes if at the end of the 3-year of ownership the contract, you expect to sell both depreciable equipment and land. Use present worth analysis under MARR = 8% and effective tax rate. Total investment: $1,000,000 (includes land and two depreciable assets) Equipment 1 investment: $250,000 Equipment 2 investment: $350,000 Annual benefit: $150,000 (increased by $50,000 every year) Useful life: 8 years Land market value (EOY 3): $450,000 Equipment 1 market value (EOY 3): $120,000 Equipment 2 market value (EOY 3): $200,000 Depreciation: GDS 7 Federal tax rate: 25% State tax rate: 15.6% Local tax rate: 5.22% The MARCS depreciation percentages (GDS 7) for each year are as follows: 14.29; 24.49; 17.49; 12.49; 8.93; 892; 8.93; 4.46