Student instructions: Use the forecasting variables to complete the discounted free cash flow forecast and valuation shown below. Enter formulas in the blanks where indicated to complete the calculations needed. These incremental cash flows would require an initial $9,000,000 equipment investment. Terminal Cash flow would be an inflow of $1,000,000 (don't forget to add this in the end AFTER TAXES). Discount rate is highest Marginal Cost of Capital from the previous tab, but reinvestment rate is 11\%. Find NPV, IRR, MIRR, and Discounted Payback. d At termination of the project: Sale of Fixed Asset, 2025 Capital Gain/Loss Tax Liability (Capital Gains tax of 20\%) FCF from termination of project Recover NOWC Annual Free Cash Flow from above \begin{tabular}{r|r|} \cline { 2 - 2 } Discount rate from WACC sheet & \\ NPV & \\ IRR & \\ \hline MIRR At Reinvestment Rate of 11\% & \\ \hline Discounted Payback & \\ \hline \end{tabular} Present Value of Free Cash Flows + DNOWC @ WACC Net Cumulative Discounted Free Cash Flow Discounted Payback