I am working on a homework question for my Strategic Financial Management Class. I have answered the following question in excel but the I keep getting the wrong answer.I attached my excel calculations to show my answers. Where am I going wrong? This is the question:

"You have been hired as a consultant for Pristine Urban-Tech Zither, Inc. (PUTZ), manufacturers of fine zithers. The market for zithers is growing quickly. The company bought some land three years ago for $1.5 million in anticipation of using it as a toxic waste dump site but has recently hired another company to handle all toxic materials. Based on a recent appraisal, the company believes it could sell the land for $1,600,000 on an aftertax basis. In four years, the land could be sold for $1,700,000 after taxes. The company also hired a marketing firm to analyze the zither market, at a cost of $135,000. An excerpt of the marketing report is as follows:

The zither industry will have a rapid expansion in the next four years. With the brand name recognition that PUTZ brings to bear, we feel that the company will be able to sell 4,800, 5,700, 6,300, and 5,200 units each year for the next four years, respectively. Again, capitalizing on the name recognition of PUTZ, we feel that a premium price of $750 can be charged for each zither. Because zithers appear to be a fad, we feel at the end of the four-year period, sales should be discontinued.

PUTZ feels that fixed costs for the project will be $475,000 per year, and variable costs are 10 percent of sales. The equipment necessary for production will cost $4.5 million and will be depreciated according to a three-year MACRS schedule. At the end of the project, the equipment can be scrapped for $450,000. Net working capital of $135,000 will be required immediately and will be recaptured at the end of the project. PUTZ has a 40 percent tax rate, and the required return on the project is 14 percent. Assume the company has other profitable projects. Table 8.3.

What is the NPV of the project?

Chapter 8 Question 25 Input area: Original cost of land Aftertax resale value Land value in 4 years Marketing study Year 1 sales Year 2 sales Year 3 sales Year 4 sales Sales price Fixed costs Variable costs Equipment costs Pretax salvage value Net working capital Tax rate Required return Year 1 depreciation Year 2 depreciation Year 3 depreciation Year 4 depreciation $ $ $ $ $ $ $ $ $ 1,500,000 1,600,000 1,700,000 135,000 4,800 5,700 6,300 5,200 750 475,000 10% 4,500,000 450,000 135,000 40% 14% 33.33% 44.45% 14.81% 7.41% Mark: Enter provided information into the Input area. Mark: Step 1. Calculate the aftertax salvage value. Output area: Aftertax salvage value Sale price Taxes Total $ $ $ 450,000 180,000 270,000 Mark: Step 2: Build pro forma based on the provided information. Year 0 Revenues Fixed costs Variable costs Depreciation $ $ $ $ $ $ $ $ EBT Taxes Net income OCF Capital spending Land Net working capital $ $ $ $ (6,235,000) $ $ $ $ $ $ $ $ $ NPV 2,258,940 $ 2,823,600 $ $1,782,833.78 Mark: Calculate this project's net present value! $ $ $ $ $ $ $ $ Year 4 3,900,000 475,000 390,000 333,450 2,701,550 1,080,620 1,620,930 1,954,380 $ $ $ $ $ $ $ $ $ $ $ Year 2 4,275,000 475,000 427,500 2,000,250 1,372,250 548,900 823,350 2,823,600 (4,500,000) (1,600,000) (135,000) Total cash flow Year 1 3,600,000 475,000 360,000 1,499,850 1,265,150 506,060 759,090 2,258,940 Year 3 4,725,000 475,000 472,500 666,450 3,111,050 1,244,420 1,866,630 2,533,080 270,000 1,700,000 135,000 2,533,080 $ 4,059,380 Mark: Step 3: Include capital spending, aftertax salvage value, land and net working capital. Mark: Step 4: Calculate Total cash flow which is used for calculating the financial indicators. Chapter 8 Question 34 Input area: Year 1 unit sales Year 2 unit sales Year 3 unit sales Year 4 unit sales Year 5 unit sales Initial NWC Additional NWC/year Fixed costs Variable cost per unit Unit price Equipment cost Salvage value (% of price) Tax rate Required return Year 1 depreciation Year 2 depreciation Year 3 depreciation Year 4 depreciation Year 5 depreciation Output area: Year Ending book value Sales Variable costs Fixed costs Depreciation EBIT Taxes Net income Depreciation Operating cash flow Net cash flows Operating cash flow Change in NWC Capital spending Total cash flow Net present value Internal rate of return 0 1 2 3 4 5 Chapter 9 Question 1 Input area: Initial cost Project life Units sales Price/unit Variable cost/unit Fixed costs Tax rate Required return b. New quantity for calculation Projected sales change c. New VC for calculation Projected VC change Mark: Enter provided information! Mark: For example, a drop of 500 units should be entered as -500. Change it if your drop is different. $ $ 1,000 (500) 1.00 (1.00) Mark: I've left my equations in here such that, based on your input information, it should calculate the answers. Output area: a. Depreciation per year Accounting breakeven #DIV/0! #DIV/0! b. Base OCF Base NPV New quantity OCF NPV DNPV/DQ For a sales change of the NPV would change c. New variable cost OCF DOCF/DVC If variable costs change by then OCF would change by Mark: You shouldn't need to make changes to D15:D18. #DIV/0! #DIV/0! 1,000 #DIV/0! #DIV/0! #DIV/0! (500) #DIV/0! $ $ The point is to show you how powerful and useful Excel can be! Scroll down and study the graph! The picture tells you a lot about this project! 1.00 #DIV/0! #DIV/0! (1.00) #DIV/0! Units NPV Price/Unit #DIV/0! NPV VC/Unit NPV #DIV/0! Fixed Cost #DIV/0! NPV Initial Cost NPV #DIV/0! #DIV/0! -30.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! -20.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! -10.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! 0.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! 10.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! 20.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! 30.00% - #DIV/0! $0.00 #DIV/0! 0.00 #DIV/0! $0 #DIV/0! 0 #DIV/0! Sensitivity Analysis $12 $10 $8 Net Present Value $6 $4 $2 $0 -40.00% -30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% Percentage Change from Base Case Unit Sales Fixed Cost Price per Unit Initial Cost Variable Cost per Unit Chapter 9 Question 2 Input area: Initial cost Project life Units sales Price/unit Variable cost/unit Fixed costs Tax rate Required return Price uncertainty Quantity uncertainty Variable cost uncertainty Fixed cost uncertainty 10% 10% 10% 10% Output area: Annual depreciation Scenario Base case Best case Worst case Base-case OCF Best-case OCF Best-case NPV Worst-case OCF Worst-case NPV #DIV/0! Unit sales #DIV/0! $ $ $ Unit price Unit variable cost - $ - $ - $ - $ - $ - $ Mark: This equation should be instructional! Fixed costs - Chapter 9 Question 7 Input area: Go to market now: Probability of success Focus group: Cost Probability of success Consulting firm: Cost Probability of success NPV if successful NPV if unsuccessful $0 Output area: NPV of going to market now NPV of focus group NPV of consulting firm : The company should since this option has the highest NPV. ? Mark: Look at these two cells, pretty cool