Need assistance with the following problem. PLease provide excel formulas (steps) for each calculations.

Thanks!

Problem 15.14	Consider six mutually exclusive and indivisible investment alternatives under evaluation by TranSystems in their bridge and structure design group. At any time TranSystems chooses to exit the investment, their initial financial outlay will be refunded, in addition to the annual returns earned. Based on the data shown below and a MARR of 10 percent, determine the preferred alternative. (Note:There is no planning horizon specified, so pick any numbers of years you like. The optimum portfolio and the IRR will remain the same, since the "initial investment" and the "salvage value" are the same, and the annual returns are constant each year. The PW will differ depending upon number of year selected, and yet will e a consistent measure.)
		Alternative	1	2	3	4	5	6
		Initial Investment	$25,000	$35,000	$30,000	$40,000	$60,000	$50,000
		Annual Return	$2,600	$3,750	$3,050	$4,775	$6,750	$5,850
a.	Which alternative should TranSystem select? Use the IRR method to determine the preferred alternative. You might wish to refer to Section 8.3 for this. Specify the IRR for the preffered investment. You may use excel if desired.

b.	Use excel and SOLVER to select the preferred investment based on PW. State both the PW and IRR.