$(30$ points$)$ ELF Corporation produces insulation materials and the company is planning to

expand its production capacity. The equipment to be purchased is expected to generate the

following unlevered cash flows:

The company plans to finance the new investment by issuing $$5\mathrm{.}0$ Mio debt that pays $8\%$

interest on the outstanding balance. The debt is going to be amortized by paying $20\%$ of the

outstanding balance each year. Any remaining balance is scheduled to be paid at the end of the $5$ th year. The company currently has a debt$-$equity ratio of $0\mathrm{.}40$ and pays $35\%$ in taxes.

The required return on the firm's levered equity is $15$ percent. Using the adjusted present

value approach, please calculate the NPV of the new investment.

PLEASE BE ACCURATE, BEST NOT TO USE AI$.$ PROVIDE EXCEL CALCULATION. THANKS