Using Data Analytics to Analyze Data $$ Data analytics can be used to evaluate the best use of funds for capital investments. $$ Problem$$ Joe Fox is the manager of the Gear division and plans to submit a proposal for an expanded production area. Joe has projected various conditions for revenues and expense for the$$ expansion, including different sizes and quality components. Knowing that the effect will likely differ under each, Joe plans to submit a conservative estimate for his proposed capital budgeting project this year to avoid a repeat of an unfavorable post$-$audit evaluation as occurred two years ago. Joe has provided the following data to be used in the analysis of selecting the proposal to be submitted to the capital budget committee.$$ Required rate of return$6\mathrm{.}0\%$ Table of useful lives and cash flows for different capital budgeting scenarios $($Dollar amounts in thousands$)$ Project Scenario Years of Useful Life Net Initial Investment Operating Cash Flows Year $1$ Operating Cash Flows Year $2$ Operating Cash Flows Year $3$ Operating Cash Flows Year $4$ Operating Cash Flows Year $5$ Operating Cash Flows Year $6$ A $6$$$(43,869)$$$9,006$$$9,564$$$8,831$$$9,557$$$9,143$$$8,906$ B $6(51,967)11,37212,04211,25911,51711,88010,758$ C $4(46,516)12,41412,97012,58611,730$ D $4(51,118)14,98212,85313,81714,031$ E $5(71,715)15,23717,49617,82615,96217,682$ F $4(49,709)13,05412,07813,86613,686$ G $4(55,519)15,36113,89815,51415,491$ H $6(46,336)10,42210,0509,22810,22110,7259,079$ I $5(53,417)12,84313,28312,56211,67012,677$ J $5(60,032)12,84512,32810,73410,11310,960$ K $6(51,321)10,6308,5769,7878,2739,26510,909$ L $5(67,073)13,62712,26313,93113,08012,984$ M $4(43,994)9,5378,4908,6909,395$ N $5(39,793)9,5269,0799,77910,7468,277$ Instructions: $$ There are three parts to this problem. Use Excel to perform the following: a$.$ Use Excel's IRR function to calculate IRR for each project scenario. $$ b$.$ Create a column chart that illustrates the IRR for each project.$$ Include a descriptive chart title and axes labels in the chart. $$ c$.$ Examine the chart. Which project scenarios are acceptable? Which project scenario would you recommend that Joe submit to the capital budget committee? Justify your response.