Please show your work: AT&T may upgrade its current cell tower. The current cell tower was last upgraded 2 years ago, when it spent $120 million on equipment with an assumed life of 5 years and an assumed salvage value of $20 million for tax purposes. The firm uses straight-line depreciation. The old equipment can be sold today for $80 million. A new cell tower can be installed today for $150 million. This will have a 3- year life and will be depreciated to zero using straight-line depreciation. The new equipment will enable the firm to increase sales by $20 million per year and decrease operating costs by $5 million per year. At the end of 3 years, the new equipment will be worthless. Assume the firm's tax rate is 30% and the discount rate for projects of this sort is 10%. Required: a. What is the net cash flow at time 0 if the old equipment is replaced? b. What are the incremental cash flows in years: (i) 1: (i) 2; (iii) 3? c. What is the NPV of the replacement project? Should the project be accepted? d. What is the IRR of the replacement project? Should the project be accepted