Please explain how to solve the following: Thank you

1. A project has an initial cost of $55,000, expected net cash inflows of $11,000 per year for 7 years, and a cost of capital of 8%. What is the project's NPV? (Hint:Begin by constructing a time line.) Do not round intermediate calculations. Round your answer to the nearest cent.

Answer: ______

2. Project Cash Flow

The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its new proposed service

Projected sales$24 million

Operating costs (not including depreciation) $13 million

Depreciation $6 million

Interest expense $3 million

The company faces a 25% tax rate. What is the project's operating cash flow for the first year (t = 1)? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as $1,200,000. Round your answer to the nearest dollar.

Answer: $___________

3. Net Salvage Value

Allen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost $22.4 million, of which 80% has been depreciated. The used equipment can be sold today for $5.6 million, and its tax rate is 25%. What is the equipment's after-tax net salvage value? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar.

Answer: $________