Use Excel please and please show formulas. Thank you!

Warmack Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $530,000 is estimated to result in $220,000 in annual pretax cost savings. The press falls in the MACRS five year class, and it will have a salvage value at the end of the project of $89,000. The press also requires an initial investment in spare parts inventory of $26,000. The shop's tax rate is 35 percent and its discount rate is 9 percent. Property Class Three-Year 33.33% 44.45 14.81 7.41 Seven-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93 4.46 Year Five-Year 20.00% 32.00 19.20 11.52 11.52 2 4 6 5.76 Compute the NPV and IRR of the project. Should the firm buy the machine press