Magellen Industries is analyzing a new project. The data they have gathered to date is as follows: 
Initial requirement for equipment: $120,000 Depreciation: Straight-line to zero over the four-year life of the project with no salvage value.
Required rate of return: 15%
Marginal tax rate: 35%
The project is operating at the ________ under the base-case scenario.
Definitions:
Secured Bonds
Bonds that are backed by specific assets of the issuer as collateral, giving bondholders a claim to those assets if the issuer defaults.
General Credit
An overarching term that may refer to the creditworthiness of an individual or entity, or sometimes used to describe general lines of credit available for borrowing.
Corporation
A legal entity that is separate and distinct from its owners, who are shareholders, providing limited liability protection among other benefits.
Sold
A term used when a product or service has been exchanged for payment or other consideration.
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