please show all steps and all calculation to arrive at the answers

Question 1: Aria Acoustics, Inc. (AAI), projects unit sales for a new seven-octave voice emulation implant as follows: In the first year, the expected unit sales will be 75,000. For years 2 and 3, the company expects unit sales to increase by 15% per year, while in year 4 to decrease by 20% due to competitors entering the market with similar products. Production of the implants will require $1.5 million in net working capital to start. Subsequently, net working capital at the end of each year will be equal to 5 percent of the projected sales of the same year. Other costs include salaries of $1.5 million, insurance of $0.1 million, raw material costs of $250 per unit, utility costs of $25 per unit, other variable costs of $25 per unit, and other fixed costs of $0.25 million. Each unit is sold at $450 in the first three years and at $400 per unit in the last year. The equipment needed to begin production has an installed cost of $22 million. Because the implants are intended for professional singers, this equipment is considered industrial machinery and thus qualifies as seven-year MACRS (MACRS Table) property. In year 4, this equipment can be sold for about 30 percent of its acquisition cost. AAl has a 21 percent tax rate and a required return on all its projects of 15 percent. a) What are the estimated total project cash flows in each year. Show your work and include all relevant calculations. (20 points) b) Calculate the NPV, IRR and the payback period of this project. (10 points) c) Which procedure should the company choose to decide whether to invest or not? Explain. (10 points) MACRS Table: Property Class 5-Year Year 3-Year 7-Year 1 33.33% 44.45 14.81 7.41 00 OWN 20.00% 32.00 19.20 11.52 11.52 5.76 14.29% 24.49 17.49 12.49 8.93 8.92 8.93 4.46