Please provide numbers and excel formulas/functions.

ABC Manufacturing expects to sell 1,025 units of product in 2019 at an average price of $100,000 per unit based on current demand The Chief Marketing Officer forecasts growth of 50 units per year through 2023. So, the demand will be 1,025 units in 2019, 1,075 units in 2020, etc. and the $100,000 price will remain consistent for all five years of the investment life. However, ABC cannot produce more than 1,000 units annually based on current capacity In order to meet demand, ABC must either update the current plant or replace it. The old equipment is fully o depreciated and can be sold for $4,000,000 if the plant is replaced. If the plant is updated, the costs to update it would be capitalized and depreciated over the useful life of the updated plant. If the plant is updated, then the old equipment would be retained. The following table summarizes the projected data for both options: Update Replace $ 120,000,000 s 20,000,00 5 years L5 Initial investment in 2019 S 80,000,000 Terminal disposal value in 2023 Useful life 5,000,000 5 years Total annual cash operating costs per unit 18 75,000 62,000 s 20 21 ABC uses straight-line depreciation, assuming zero terminal disposal value. Assume no changes in prices or costs during future years. The investment will be made at the beginning of 2019 and all cash flows after that are 23 assumed to occur on the last day of each year. ABC's required rate of return is 18 24 Assume an mome tax rate of 20%. Proceeds from sales of equipment above book value are taxed at the same 20% rate. 25 26 27 Required functions, calculate the net present value and the project profitability index (PPD for the update and replace alternatives 28 29 30 31 Using Excel functions, calculate the internal rate of return for both the update and replace alternatives . Calculate the payback period for the update and replace ahernatives 4. Based on the results, which option should ABC choose? Specifically explain wby 32