Please explain to me how to write equations and solve the following problems:

Q1. The Cookie Express is considering a new project which will require an initial investment in fixed assets of $48,000. The net working capital requirement is $8,000 initially plus an additional $2,000 in year 2. All net working capital will be recouped at the end of the project. The project has a 4-year life and generates cost savings of $65,000 per year. The tax rate is 34 percent and the discount rate is 14 percent. The fixed assets will be depreciated using 7-year property MACRS and will be sold for $19,000 at the end of year 4. The MACRS depreciation factors are .143, .245, .175, .125, .089, .089, .089, .045 over 8 years, respectively. What is the NPV of this project?

Q2. The managers of Auto Interiors plan to manufacture custom exhausts for classic cars from the 1960s. The necessary machining equipment will cost a total of $393,000 and will be depreciated using 7-year MACRS. The MACRS depreciation factors are .143, .245, .175, .125, .089, .089, .089, .045, over 8 years, respectively. The firm expects to be able to sell the equipment for $225,000 at the end of 5 years. Sales are estimated at 250, 320, 450, 500, and 500 units over the next 5 years, respectively. The selling price is $475 per unit and the cost estimate is $210 per unit. Assume a 34 percent tax rate and a 14 percent discount rate. The firm plans to close at the end of year 5. What is the net present

value of this project?