Calculations must be done in Excel

The financial advisor to EEW Company is evaluating whether to keep company cars for 3, 4 or 5 years. The following information has been gathered:-

A car costs $60,000 and depreciation is 20% pa straight-line.

Cash expenses are $15,000 per year for the first 2 years, $20,000 in year 3, $30,000 in year 4 and $40,000 in year 5.

The salvage value is expected to be $30,000 after 3 years, $25,000 after 4 years and $15,000 after 5 years.

The after-tax required rate of return is 8% pa and the tax rate is 30%.

Required

Make an analysis to decide whether company cars should be kept for 3, 4, or 5 years before being replaced with new ones.

Can You show me the equations used in excel?