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$40,000 is the average of the five net after tax cash flows already given.
The question is asking for an average annual after-tax cash flow amount that will result in a net present value of zero for the project, because that will be the average annual cash flow level at which Yipann will be indifferent to the investment. We need to look at this as a present value of an annuity problem, because since we are looking for an average annual cash flow amount, all the annual cash flow amounts after year 0 will be the same average amount. The annual cash flows given in the problem are irrelevant, because we are looking for the average annual after-tax cash flow amount that will result in an NPV of zero, given the initial investment in Year 0. Since the initial investment is $105,000 and the project's life is 5 years, we need to know what annuity amount will produce a present value of $105,000 when discounted at 24% for 5 years. Recall that the present value of an annuity is the annuity amount × PV of an annuity factor. We don't know the annuity amount, but we do know the PV of an annuity factor and the present value amount of $105,000. The PV of an annuity factor for 5 years at 24% is given in the problem: 2.74. Thus, the formula is: Annuity Amount × 2.74 = $105,000. Therefore, the Annuity Amount = $105,000 ÷ 2.74, which is equal to $38,321. This means that if the annual after-tax cash flows are all the same and they are $38,321, the NPV will be zero and the company will be indifferent indifferent to whether or not it makes the investment. If it makes the investment, the investment will provide no additional value to the shareholders, and the shareholders will gain nothing. If it doesn't make the investment, the shareholders will lose nothing.
An answer of $46,667 results from dividing the initial investment amount of $105,000 by the payback period.
An answer of $21,000 results from dividing the initial cost of the asset by the number of years of the project's life.