Problem 9-21 Project Evaluate (LO2) Revenues generated by a new fad product are forecast as follows Expenses are expected to be 40% of revenues and working capital required in each year is expected to be 30% of revenues in the following year The product requires an immediate investment of $70000 in plant and equipment a. What is the initial investment in the product? Remember working capital Initial investment $ 88.000 b. If the plant and equipment are depreciated over 4 years lo a salvage value of zero using straight-line depreciation and the firm?s tax rate is 20%. what are the project cash flows ii each year? Enter your answers ?n thousands of dollars. Do not round intermediate calculations. Round your answers to 2 decimal pieces.) c. If the opportunity cost capital is 10%. What is project NPV? (Negative amount Should be indicated by a minus sign. Do not round intermediate calculations Round your answer to 2 decimal places.) d. What is project IRR? Do not round intermediate calculations Round your answer to 2 decimal places.)