1. Using the information in Problem 8-45 (given below) construct an Excel spreadsheet to compute the net present value and internal rate of return. Use the format from your textbook, page 370. (20 points) 8-45. Calculating NPV and IRR Using Excel. Silver Mining LLC would like to mine for silver from land the company already owns. The equipment is expected to cost $4,000,000, has a useful life of 5 years, and will be sold at the end of 5 years for $400,000. Annual costs for maintenance and other cash expenses will total $550,000. Annual net cash receipts resulting from the sale of silver are predicted to be $1,900,000. Working capital of $270,000 is required at the beginning of the project and will be returned at the end of 5 years. The equipment will require refurbishing at the end of year 3 at a cost of $300,000. Although the company's cost of capital is 15 percent, management established a required rate of return of 20 percent due to the high risk associated with this project. Required: Use Excel to calculate the net present value and internal rate of return in a format similar to the Computer Application spreadsheet shown in the chapter Should the company accept the proposal? Explain