please show all work using formulas. do not use excel

3. (18 points) You are considering two different systems for pollution control. System I costs $965,000, has an eight year life, and has pre-tax operating costs of $7,280 per year. System II costs $570,000, has a five year life, and has pre-tax operating costs of $35,100 per year. For both systems use straight line depreciation and assume neither system has any salvage value. If your tax rate is 34% and your discount rate is 11%, which do you prefer? Show me with calculations. 4. (5 points) The XYZ project has an expected NPV of $20,000. The standard deviation is $57,142.86. What is the probability that NPV