Please show all work and calculations by hand. Do not use excel to solve the problem. I'm trying to learn the steps by hand.

Tar manufacturing cost (25) 1. A three-year project requires an initial investment (i.e., at t=0) in equipment of $700,000. In order to purchase 1.- works this equipment, the company will borrow $700,000 at a 5% annual rate of interest. Interest only will be paid at t=1, t=2, and t=3; interest and the full amount of the principal ($700,000) will be paid at t=4. equipment for $60,000. At t-3, the company plans to sell the The equipment can be depreciated according to the five year MACRS depreciation schedule, which allows depreciation of 20.00% at t=1, 32.00% at t=2, 19.204 at t=3, 11.528 at t4, 11.52% at t=5, and 5.76% at t=6. Depreciation will be based solely on the initial cost of the equipment (i.e., when calculating depreciation, ignore any salvage value): A key marketing study was completed last year; the cost of the marketing study was $200,000. The project is expected to produce sales revenue of $500,000 the first year (i.e., at t-1), this revenue will increase by 20% per year over the next two years (i.e., at t-2 and t-3). Manufacturing costs are estimated to be 50% of sales. The project requires an investment in working capital. Specifically, at each point in time, working capital must be maintained at 10% of next year's forecasted sales revenue; so, for example, the amount of working capital required at t=0 is 10% of t-1 revenue, or $50,000. Working capital will be fully recovered at t=3. The corporate tax rate is 258. The company's tax situation is such that it can make use of all applicable tax shields and deductions. In preparation for a capital budgeting project analysis, calculate the cash flows expected from this project at t=0, t=1, t=2, t=3, and t=4