Please insert answer in the highlighted area. Please also include the cell formula in the explanation for better understanding.

TranscribedText: Start 1 IN 5 6 7 8 TV Key Assumptions Construction cost ($) 1,300,000 Loan ($) 450,000 Loan interest rate 7.0% Loan term (yrs.) 8 Hangar space (sq.ft.) 22.000 Rent ($/sq.ft. per month) 1.45 Rent inflator 2.2% Operating Costs ($/yr.) 124,000 Cost inflator 2.2% Tax rate 21.0% Discount rate 8.0% Depreciation year ($) 34.000 Cash Flows Rent Income minus: Operating Costs minus: Interest minus: Depreciation = Taxable Income minus: Taxes = Net Income minus: Principal = Net Operating Cash Flow minus: Cash Outlay at Start plus: Depreciation = Total Cash Flows NPV IRR Note: Tax shields are the tax gains from expensing interest and depreciation. The formula is interest or depreciation expense times the tax rate

Key Assumptions Construction cost ($) 1,300,000 Loan ($) 450,000 Loan interest rate 7.0% Loan term (yrs.) Hangar space (sq.ft.) 22,000 Rent ($/sq.ft. per month) 1.45 Rent inflator 2.2% Operating Costs ($/yr.) 124,000 Cost inflator 2.2% Tax rate 21.0% Discount rate 8.0% Depreciation/year ($) 34,000 Start 1 2 3 4 5 6 7 8 TV Cash Flows Rent Income minus: Operating Costs minus: Interest minus: Depreciation = Taxable Income minus: Taxes = Net Income minus: Principal = Net Operating Cash Flow minus: Cash Outlay at Start plus: Depreciation = Total Cash Flows NPV IRR Note: Tax shields are the tax gains from expensing interest and depreciation. The formula is interest or depreciation expense times the tax rate