7. Hailey Corporation has the following information pertaining to the purchase of a new piece of equipment: Cash revenues less cash expenses $34,000 per year Cost of equipment $130,000 Salvage value at the end of the 8* year $22,000 Tax rate 25 percent Life 8 years Cost of capital is 15 percent. Required (use excel): Calculate the following assuming that depreciation expense is $24,000, $21,000, $18,000, $15,000, $12,000, $9,000, $6,000 and $3,000 for years 1 through 8, respectively: i. Calculate the after-tax cash flows for each of the eight years. ii. Calculate the after-tax payback period. iii. Calculate the accounting rate of return on average investment for year 1. iv. Calculate the net present value (NPV). v. Calculate the internal rate of return (IRR)