Need step by step solution and how the IRR was done on excel please thanks.

A hospital is considering the purchase of an MRI machine which costs $1,500,000 and has an estimated salvage value of $250,000. The estimated average charge per MRI is $175. The machine is expected to operate 25 times per day for 200 days per year for each year of the projects life, and each scan is expected to cost the hospital $50 in supplies. Labor and maintenance costs are expected to be $150,000 during the first year of operations. Utilities will cost another $15,000 and overhead will increase by $6,000 in year 1. All costs and revenues are expected to increase at a 5% inflation rate after the first year. The corporate cost of capital is 12%.

	Year
	0	1	2	3	4	5
Equipment Cost
Net Revenues
Variable Operating Costs
Utilities
Overhead
Labor and Maintenance
Net Operating Income
Equipment Salvage Value
Net Cash Flow
Corporate Cost of Capital	12%
NPV
IRR

Calculate the payback for the project using the following timeline. Once a figure for the payback is determined, please explain what it means in relation to the project, and whether the project is a valuable investment

Year	0	1	2	3	4	5
Cash Flows
Cumulative Cash Flows
Payback

Explanation