The MacCauley Company has sales of $200 million and total operating expenses (excluding depreciation) of $130 million. Straight-line depreciation on the company's assets is $15 million over 4 years. The Upfront Cost equals to the total depreciable value on the company’s assets. Assume that all taxable income is taxed at 30 percent. Assume also that net operating working is 3% of sales in each year. Calculate the MacCauley Company's WACC using 4% cost of debt, 12% cost of equity. There is 45% equity and 55% debt are on the company’s balance sheet. What is NPV? Would you invest in the project? Is IRR greater or smaller than WACC? What is the payback period? (There is no salvage value at the end of 4 years)