... - 17, 143 17, 143 17, 143 17, 143 17, 143 17, 143 17, 1434. Income before tax [1-2-3] - 12,8 57 13,9 57 15,084 16,2 37 17, 416 18,620 19,8 47 5. Taxes at 34% - 4, 371 4 ,74 5 5,129 5,521 5,921 6,331 6 ,74 86. ... $15,028,800/(1.14)2 + $13,628,800/(1.14)3 + $19,895 ,74 4/(1.14)4 = $ 27, 772 , 577 The net present value of the investment in new equipment is $ 27, 772 , 577 . 7. 13 Nominal cash flows should be discounted ... 5. Taxes at 35% - 175 175 175 175 6. Net income [4-5] 0 325 325 325 325 7. Cash flow from operation [1-2-5] 0 72 5 72 5 72 5 72 5 8. Initial Investment -2000 - - - 2 37. 5* 9. Changes in...