Please use excel spreadsheet Conch Republic spent $$1\mathrm{.}5$ million to develop a prototype for a new smartphone that has all the features of the existing one but adds new features such as Wi$-$Fi tethering. The company has spent a further $$250,000$ for a marketing study to determine the expected sales figures for the new smartphone.Conch Republic can manufacture the new smartphone for $$210$ each in variable costs. Fixed costs for the operation are estimated to run $$5\mathrm{.}4$ million per year. The estimated sales volumes are $67,000,108,000,93,000,86,000,$ and $55,000$ per year for each of the next five years, respectively. The unit price of the new smartphone will be $$525.$ The necessary equipment can be purchased for $$41\mathrm{.}5$ million and will be depreciated on a seven$-$year MARS schedule. It is believed the value of the equipment in five years will be $$5\mathrm{.}9$ million.Net working capital for the smartphones will be $20$ percent of sales and will occur with the timing of the cash flows for the year $($i$.$e$.,$ there is no initial outlay for NWC$).$ Changes in NWC thus will occur first in Year $1$ with the first year's sales.Conch Republic has a $22$ percent corporate tax rate and a required return of $12$ percent.Shelly has asked Jay to prepare a report that answers the following questions:QUESTIONSWhat is the payback period of the project?What is the profitability index of the project?What is the IRR of the project?What is the NPV of the project?How sensitive is the NPV to changes in the price of the new smartphone?How sensitive is the NPV to changes in the quantity sold?Should Conch Republic produce the new smartphone?Suppose Conch Republic loses sales on other models because of the introduction of the new model. How would this affect your analysis?