... . . 0 17 ,86 0 31 ,88 0 28, 480 25,440 28, 350 25,350 9,040 4,040Present values of total cash flows . . . . . . . . . . . . Ϫ130,000 Ϫ4,465 15,940 28, 480 15,900 28, 350 20, 280 9,040 28, 280 Cumulative ... 16,1 28 Depreciation tax shield ($1,150 ϫ .36) . . . . . . 0 414 414 414 414 414 414 414 2 ,89 8Total project cash flows (including recovery) . . 8, 750 2,7 18 2,7 18 2,7 18 2,7 18 2,7 18 2,7 18 3,4 68 11,026Present ... irrelevant and sunk in the true senseof the word, because no other use of the excess infrastructure was envisioned.hel 783 40_ch 08. qxd 9/27/01 11: 28 AM Page 265 284 Financial Analysis: Tools and Techniques as...