Given Info:

	Standalone	Store in a Store
Initial Investment	$ 2,400,000.00	$ 900,000.00
Life (years)	7.00	5.00
Customers per year	$ 200,000.00	$ 100,000.00
Customer bill per visit	$ 18.00	$ 14.00
Food and drink cost per customer	$ 1.30	$ 1.30
Other VCR as percentage of Sales	65%	46%
Total Fixed Costs per year (Excluding D)	$ 450,000.00	$ 350,000.00
Depreciation expense per year	Straight Line	Straight Line
Tax rate	18%	18%
CAPM Beta	1.3
Risk Free Rate	1.50%
Market Risk Premium	5.50%

1a. Calculate estimated NOPAT (i.e., net income if no debt) in excel

1b. Calculate after-tax operating cash flow for each store concept per year in excel

1c. What is the IRR of each store concept?

Please show everything in excel with formulas.