You work for Apple. After toiling away on $$10\mathrm{.}3$ million worth of prototypes, you have finally produced your answer to Google Glasses: iGlasses $($the name alone is genius$).$ iGlasses will

instantly transport the wearer into the world as Apple wants him to experience it: iTunes with the wink of an eye and apps that can be activated just by looking at them. You think that these

will sell for $5$ years until the next big thing comes along $($or until users are unable to interact with actual human beings$).$ Revenues are projected to be $$459\mathrm{.}7$ million per year along with

expenses of $$357\mathrm{.}1$ million. You will need to spend $$55\mathrm{.}9$ million immediately on additional equipment that will be depreciated using the $5-$year MACRS schedule. Additionally, you will use

some fully depreciated existing equipment that has a market value of $$9\mathrm{.}6$ million. As the iGlasses are an outcome of the R&D center, Apple plans to charge $$5\mathrm{.}1$ million of the annual costs

of the center to the iGlasses product for $5$ years. Finally, Apple's working capital levels will increase from their current level of $$123\mathrm{.}3$ million to $$139\mathrm{.}8$ million immediately. They will remain

at the elevated level until year $5,$ when they will return to $$123\mathrm{.}3$ million. Apple's discount rate for this project is $15\mathrm{.}8\%$ and its tax rate is $21\%.$ Calculate the free cash flows and determine

the NPV of this project. $($Note: Assume that the opportunity cost must be after$-$tax and the equipment is put into use in year $1.)$