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please don't use excel excel is not allowed for me 10.03-PR015 An investment of $450,000 is made in equipment that qualifies as 5-year equipment for

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10.03-PR015 An investment of $450,000 is made in equipment that qualifies as 5-year equipment for MACRS-GDS depreciation. The then-current dollar before tax cash flows are given by a $50,000 increasing gradient series, with the cash flow the first year equaling $100,000. In addition, a $50,000 then- current salvage value occurs at the end of the 5-year planning horizon. A 25% tax rate and 4% inflation rate apply. The real ATMARR is 8%. a. Determine the after-tax cash flows, in constant dollars, for each year. b. Determine the present worth for the investment. c. Determine the real internal rate of return for the investment

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