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1) As you plan for a new corporate project, you find that duringthe first year of the project's life the expectation is thatrevenues will total $100,000, variable costs will be 60% ofrevenues, fixed costs will be $30,000, and depreciation will be$10,000. Given a corporate tax rate of 40%, find the free cash-flowfor the first year of the project. Enter your number in dollars,with no decimals.2) Same as for the question above, you plan for a new corporateproject, and find that during the first year of the project's lifethe expectation is that revenues will total $100,000, variablecosts will be 60% of revenues, fixed costs will be $30,000, anddepreciation will be $10,000. Now, you believe that revenues arelikely to increase at the rate of 5% per year every year, while therest of the data remains as described before. Given a corporate taxrate of 40%, find the free cash-flow for the second year of theproject. Enter your number in dollars, with no decimals