It has a 3-year lifetimeThe initial investment in the project will be $23 millio

It has a 3-year lifetimeThe initial investment in the project will be $23 million and theinvestment will be depreciated straight line down to a salvagevalue of $9 million at the end of the fourth year.The revenues are expected to be $24 million next year and to grow7% a year after that for the remaining two (0) years.The cost of goods sold excluding depreciation is expected to be42% of revenues.The tax rate is 0.39.Estimate the after-tax return on capital by year to find theaverage for the project.