3. You have received many compliments about your jewelry which you make by hand. Because so many people have asked you to make similar pieces of jewelry for them, you decide to investigate the merits of going into business for yourself making and selling your exclusive line of jewelry. Applying your skills learned in Engineering Economy, you estimate your initial cost to purchase equipment and supplies will be $2,500. You estimate your annual expenses to be $750 the first year (EOY 1) and increasing at a rate of 4 per year over the next 7 years. You estimate your revenue from sales to be $2,000 for EOY 1 and will increase at $200 per year over the next 7 years. Being the entrepreneur, you are, you have decided that you must return at least a 15 percent return on your investment. a. Draw your cash flow diagram from your perspective. b. Determine the Present Worth by finding the equivalents of all your cash flows to the present (t=0) at your desired rate of return. Based on your estimates, should you invest in this new business? That is, is PW (15%) >0? If yes, then you will achieve a return on their investment of at least 15% and you should pursue the business. If PW (15%)