A project for a specialized product estimated to have a short market life has the following information. Use the PW method to determine the minimum amount of equivalent uniform annual revenue required to justify the project economically.

First cost: $1,200,000

Cost of depreciable property: $500,000

Property class of depreciable property: GDS 3 years

Annual O&M costs: %600,000 on the first year, increasing at a rate of 5% per year thereafter

Selling price of depreciable property at the end of 3 years: $300,000

Income tax rate: 35%

MARR after taxes: 30%

Please show complete solution using EXCEL with formula used.