Use X = 5% Please answer part C below (suppose the appropriate discount rate is 12%. What is the NPV of the project). Please do this on a spreadsheet and upload your spreadsheet as your answer. 2. Calculating Project NPV The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is X percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project. Year 1 Year 2 Year 3 Year 4 Year 0 $26,300 Investment Sales revenue $13,400 $15,000 $16,400 $12,900 Operating costs 2,900 3,100 4,200 2,800 Depreciation 6,575 6,575 6,575 6,575 Net working capital spending 300 200 225 150 ? a. Compute the incremental net income of the investment for each year. b. Compute the incremental cash flows of the investment for each year. c. Suppose the appropriate discount rate is 12 percent. What is the NPV of the project? Page 195