Tyler Inc. is considering switching to a new production technology. The cost of the required equipment will be $4 million. The discount rate of 12 percent. The cash flows that the firm expects the new technolog to generate are as follows. Cost: Project Life (years): Discount Rate: 2 3 4 5 6 8 Project Cash Flows $0 $0 $0 $845,000 $845,000 $845,000 Hint: Calculate the cumulative cash flow for each year of the project's life. Write an equation using "IF" statements to compute the project's payback period. Calculate the cumulative present value cash flow for each year of the project's life. Write an equation using "lF" statements to compute the project's discounted payback period. 2 3 4 5 6 7 8 9 Project so so so S845,ooo S845,ooo S845,ooo Cumulative Cumulative PVCF @ Cumulative Cumulative Periods Payback Period: Discounted Payback Period: Hint: Calculate the net present value using an equation and then use the NPV function, NPV(rate,value1,value2, to compute the net present value of the project. NPV (Equation): NPV (Excel Function): Explanation: Hint: Use the IRR function, IRR(values,guess), to compute the internal rate of return of the project. Explanation: