a and b questions. DONT do it through Excel please. provide formulas

.2 California Imaging Center, a not-for-profit business, is evaluating the purchase of new diagnostic equipment. The equipment, which costs $600,0o00, has an expected life of five years and an estimated salvage value of $200,000 at that time. The equipment is expected to be used 15 times a day for 250 days a year for each year of the project's life. On average, each procedure is expected to generate $80 in cash collections during the first year of use. Thus, net revenues for year 1 are estimated at 15 x 250 x $80-$300,000. Labor and maintenance costs are expected to be $100,000 during the first year of operation, while utilities will cost another $10,000 and cash overhead will increase by $5,000 in year 1. The cost for expendable supplies is expected to average $5 per proce- dure during the first year. All costs and revenues are expected to increase at a 5 percent inflation rate after the first year. The center's corporate cost of capital is 10 percent. a. Estimate the project's net cash flows over its five-year estimated life. (Hint: Use the following format as a guide.) Year 1 2 3 4 5 Equipment cost Net revenues Less: Labor/maintenance costs Utilities costs Supplies Incremental overhead Operating income Equipment salvage value Net cash flow 1 0 Gapenski's Fundamentals of Healthcare Finance b. What are the project's NPV and IRR? (Assume for now that the project has aver- age risk.)