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Question: The manager of a company that produces drones estimates that the annual demand for a new model of drone during the current year (assumed to be year 1) is 100,000. Demand is expected to grow at a rate of 3% each year. If the company builds a plant that can produce x units of the product each year (i.e., builds a capacity of x units), it will incur a one-time investment cost of $20x at the end of the current year. (Note that the capacity is the maximum quantity that the plant can produce. Assume that the company produces the smaller value of demand and capacity each year.) Each unit of this device sells for $26. Each unit of the product manufactured incurs a variable production cost of $13. Also, the company incurs a cost of $2.30 per year to operate/maintain each unit of capacity. Finally, assume that the discount rate in this case is 8% and all the revenue and cost of each year are incurred at the end of that year. You are required to do the following. 1. Define range names for all the inputs, apply them in formulas, and paste the range names on the worksheet. 2. Construct a model to calculate the net present value of the investment over eight years for any given capacity level. 3. Use a one-way data table to analyze how the level of capacity built impacts the net present value of the total profit over the next eight years. You should change the capacity from 100,000 to 120,000 in increments of 1,000. 4. Based on your result in question (3), create a scatter chart to demonstrate how the net present value changes with the capacity level from 100,000 to 120,000. Include in the chart a chart title and axes titles. 5. What capacity level maximizes the company's expected net present value of total profit over the upcoming eight years? Highlight the largest NPV among the list of NPVs using conditional formatting. Please note the following requirements. 1. Apply the good practice of Excel modeling (flexibility and readability including appropriate formats) to develop an Excel model and answer the above questions; 2. You may use the partial Excel template" Assignment1.xlsx" on Moodle; your assignment solution file should be named "Assignment1.xlsx"; 3. You need to submit the electronic file through Moodle by the due date. No hard copy is required