A steel fabrication plant is considering investing in an automated sandblasting machine to replace the manual sandblasting operation currently in place. The machine has an initial cost of $675,000, and a salvage value of $100,000 after 10 years. The cost to install the machine is $75,000 for foundations and utilities, and the annual operating cost (labor, consumables and utilities) is estimated to be $100,000/yr. The machine is expected to eliminate 2750 manual hours of sandblasting per year at a cost of $100/hr for labor and consumables. The machine will require an expenditure of $200,000 in year 5 for relining. The relining does not extend the 10 year useful life. The fabrication plant has an MARR of 15% for productivity improvement projects auch as this. Calculate the IRR for this potential investment and, on that basis, recommend whether it should be implemented or not. I Enore depreciation and taxes. For full credit, show all your work, including cash flow diagram, net cash flow tables, Excel spreadsheets and Excel formulas. Use this chart from our lectures to guide you through finding i and IRR