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This answer uses only the before-tax operating cash flow to calculate the net present value. This ignores both the depreciation tax shield and tax on the operating cash flow.
$8,150 ignores the depreciation tax savings.
Annual after-tax cash flows will be [($70,000 ? $20,000) × (1 ? .40)], which equals $30,000. The annual depreciation tax shield is ($100,000 / 5) × .40, which is $8,000. Therefore, the total annual after-tax cash flow is $38,000. The present value of these net inflows for a 5-year period is $136,990 ($38,000 x 3.605 present value of an ordinary annuity for 5 years at 12%), and the NPV of the investment is $36,990 ($136,990 ? $100,000 initial investment).
$28,840 is the present value of the depreciation tax savings.