2 questions ! not in excel please

A project requires an initial investment in equipment of $90,000 and then requires an investment in working capital of $10,000 at the beginning (t=0). The project is expected to produce sales revenues of $120,000 for three years. Manufacturing costs are estimated to be 60% of the revenues. The assets are depreciated using straight-line depreciation. At the end of the project, the firm can sell the equipment for $10,000. The corporate tax rate is 30% and the cost of capital is 12%. Calculate the NPV of the project: [Marks 15] Question IV Consider a project with free cash flows in one year of $90,000 in a weak economy or $117,000 in a strong economy, with each outcome being equally likely. The initial investment required for the project is $80,000, and the project's cost of capital is 15%. The risk-free interest rate is 5%. Suppose that you borrow only $45,000 in financing the project. According to MM proposition II, calculate the firm's equity cost of capital