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An answer of $4.3 million results from using 10% of sales as the increase in net working capital, which is incorrect.
An answer of $4.9 million results from using 30% of sales as the increase in net working capital, which is incorrect.
The investment in net working capital will be 20% of sales (30% of sales invested in current assets less 10% of sales in current liabilities). Thus, the increase in working capital required will be $3,000,000 × .20, or $600,000. The investment in new equipment and plant modifications is $4,000,000. The total investment is therefore $4,600,000.
An answer of $3.4 million results from subtracting the net working capital increase from the initial investment in new equipment and plant modifications, which is incorrect.