Please explain each step without using excel. All the math please!

The Rustic Welt Company is proposing to replace its old welt-making machinery with more modern equipment. The new equipment costs $9 million (the existing equipment has zero salvage value). The attraction of the new machinery is that it is expected to cut manufacturing costs from their current level of $8 a welt to $4. However, as the following table shows, there is some uncertainty both about future sales and about the performance of the new machinery. Sales (millions of welts) Manufacturing cost with new machinery (dollars per welt) Economic life of new machinery (years) Pessimistic 0.4 6 7 Expected 0.5 4 10 Optimistic 0.7 3 13 Conduct a sensitivity analysis of the replacement decision, assuming a discount rate of 12% and enter the Equivalent Annual Cost Savings in the table below. Rustic Welt does not pay taxes. (Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places. Negative amounts should be indicated with a minus sign.) Equivalent Annual Cost Savings (millions) Pessimistic Expected Optimistic Sales Manufacturing cost Economic life