Cost of new machinery	$200,000
Machinery estimated useful life	10 years
Estimated salvage value	$0
Straight-line depreciation
Annual labor hours reduction	10,000
Annual operating costs reduction	$4,000
Average hourly labor rate	$5.50
Income tax rate	40%
Discount rate	10%

Part 1: Calculate the annual incremental income after taxes and the annual net cash flow for each year

Part 2: Calculate the payback period

Part 3: Calculate the rate of return on average investment

Part 4: Calculate the net present value

Part 5: Calculate the internal rate of return

Part 6: Calculate the profitability index

Please show formulas!