Please solve it with excel and include a cash flow diagram.

Your team is looking at purchasing a piece of equipment that you anticipate will result in an estimated $15,000 reduction in expenses during its first year of operation. However, your team expects the savings of expenses to increase at a rate of 3% per year after the first year (i.e., $15, 450 in EOY 2, etc.). Additional operating expenses for the piece of equipment (maintenance, electric power, etc.) are $3, 500 annually, and they increase by $250 per year thereafter (i.e., $3, 750 in EOY 2, etc.). It is anticipated that the device will last for 10 years and will have no market value at that time. If the MARR = 20% per year, how much would VTEPS, Inc. be willing to pay for this device? Price =