$11\mathrm{.}1($Calculating NPV$)($Related to Checkpoint $11\mathrm{.}1$ on page $367)$ Midland Metal Ltd$.$ is considering building a new factory to produce special metal frames for boat manufacturers. This project will require an initial cash outlay of $12,000,000$ and will generate annual net cash inflows of $2,500,000$ per year for six years. There will be no salvage value associated with the project at the end of this period. Calculate the project$$s NPV for each of the following discount rates:

a$.8$ percent

b$.10$ percent

c$.12$ percent

d$.16$ percent

NOT IN EXCEL, INCLUDE STEPS