Please use excel and show formulas used. or attach spreadsheet.

Problem #2 (Calculating Project NPV): The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is 34 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash and all cash flows occur at the end of the year. (Professor Cursio's comment: the previous sentence is saying there are not any real-world complications to consider.) All net working capital is recovered at the end of the project. (Professor Cursio's comment: you need to calculate the cash flows for change in NWC for year 4.) Year 1 Year 2 Year 3 Year 4 Year 0 27,400 Line Item Investment Sales revenue Operating costs Depreciation NWC spending 12,900 2,700 6,850 200 14,000 2,800 6,850 225 15,200 2,900 6,850 150 11,200 2,100 6,850 ??? 300 Part a: Compute the incremental net income of the investment for each year. Part b: Compute the incremental cash flows of the investment for each year. Part : Suppose the appropriate discount rate is 12 percent. What is the NPV of the project? Problem #2 (Calculating Project NPV): The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is 34 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash and all cash flows occur at the end of the year. (Professor Cursio's comment: the previous sentence is saying there are not any real-world complications to consider.) All net working capital is recovered at the end of the project. (Professor Cursio's comment: you need to calculate the cash flows for change in NWC for year 4.) Year 1 Year 2 Year 3 Year 4 Year 0 27,400 Line Item Investment Sales revenue Operating costs Depreciation NWC spending 12,900 2,700 6,850 200 14,000 2,800 6,850 225 15,200 2,900 6,850 150 11,200 2,100 6,850 ??? 300 Part a: Compute the incremental net income of the investment for each year. Part b: Compute the incremental cash flows of the investment for each year. Part : Suppose the appropriate discount rate is 12 percent. What is the NPV of the project