Madison manufacturing is considering a new machine that costs $350,000 and would reduce pre-tax manufacturing costs by $110,000 annually. madison would use the 3-year macrs method to depreciate the machine, and management thinks the machine would have a value of $33,000 at the end of its 5-year operating life. the applicable depreciation rates are 33.33%, 44.45%, 14.81%, and 7.41%, as discussed in appendix 11a. working capital would increase by $35,000 initially, but it would be recovered at the end of the project’s 5-year life. madison’s marginal tax rate is 40%, and a 10% cost of capital is appropriate for the project. calculate the projects npv, irr, mirr, and payback.