I need everything in light grey answered with the functions used to answer each.

A B D E F G H M N 0 13 14 15 8.9% Hurdle Rate 20% Tax rate 16 17 Project 1 Project 2 18 Project 1 year 3 19 1 2 4 5 6 Annuity factor: NPV of project: EAA: 0 (11,000) (26,500) 20 21 22 Initial Investment: Equipment Initial Investment: Other Estimated incremental revenues Estimated incremental costs Tax benefit of depreciation** Net Incremental cash Flows PVs of Incremental cash flows 9,200 (600) 9,300 (600) 9,400 (600) 9,500 (600) 9,600 (600) 9,700 (600) 23 Which Project should be purchased? 24 25 26 27 28 Annual depreciation: Tax Benefit as positive numbers 29 30 31 32 Project 2 year 3 33 0 1 2 4 5 34 (11,400) (28,000) 35 36 11,600 Initial Investment: Equipment Initial Investment: Other Estimated incremental revenues Estimated incremental costs Tax benefit of depreciation** Net Incremental cash Flows PVs of Incremental cash flows 10,800 (525) 11,100 (525) 11,200 (525) 11,300 (525) 37 (525) 38 39 40 41 42 Annual depreciation: Tax Benefit as positive numbers 43