Please complete and show work in an excel spreadsheet following the Demo Exercise. Do transfer the financial data to the spreadsheet. No need to show the explanatory notes like what is being provided in the Demo Exercise.

You are considering a project that will require an initial outlay of $54,200. This project has an expected life of 5 years and will generate free cash flows of $20,608 at the end of each year over its 5-year life. In addition, there will be an additional free cash inflow of $13,200 at the end of the fifth year associated with the salvage value of the machine. Given a required rate of return of 13.5%, provide the following: (1) free cash flow chart; (2) NPV; (3) PV; (4) PI; (5) IRR; (6) Should the project be accepted or rejected? Explain.

Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $5,000,000 and will generate annual free cash inflows as following: Year 1 = $1,000,000, Year 2-4 = $1,500,000, Year 5-7 = 1,200,000, and Year 8 = 500,000. If the firm has 15% required rate of return, provide the following: (1) free cash flow chart; (2) NPV; (3) PV; (4) PI; (5) IRR; (6) Should the project be accepted or rejected? Explain