please explain the steps, im unsure of what cost of capital is and how thats calculated. also finding it hard to understand the steps to calculate the final answer so please make them as clear as possible and not threw excel!

7. A proposed development would require the investment of $3 millon at the beginning of: the first year and a further investment of $3 million at the end of the first year. It is expected to yield annual year-end profits of 51 million starting in year 2 . The development will be sustained for 10 years with an odditional cost of 51 million of close the development at the end of the last year of operations. Will the project provide the company with a rate of return exceeding its 10% cost of capital