Please work in Excel. Please use the appropriate Excel functions.

Your company manufactures roller$-$roller skatesskates. You are studying the possibility of selling a new product with a revolutionary rolling system.

To start off the new project, you are able to use a piece of land that your company bought $4$ years ago for $$1,250,000,$ and that is currently vacant. The company would need to spend $$2,250,000$ on building a factory on the piece of land, as well as $$350,000$ on purchasing new equipment. Some older equipment used for the current production could also be re$-$purposed for the new project. Forgoing the use of the older equipment for the current production would increase the cost of current production by $$25,000$ per year.

In addition, the project would also require a $$150,000$ investment in working capital, amount that will be recovered at the end of the project.

Once started, the project is estimated to generate revenues of $$700,000$ per year and would incur expenses of $$200,000$ per year for $7$ years. At the end of the $7$ years, the land, the factory and the new equipment would be sold for $$1,000,000,$ $$1,550,000$ and $$0$ respectively. The old equipment being repurposed is already fully depreciated and considered worthless. The factory and the new equipment are to be depreciated with the straight line depreciation method over $7$ years.

The tax rate is $30\%.$ The opportunity cost of capital for this kind of project is $14\%.$ Considering its NPV and IRR, is this project worth undertaking? Please show your calculations.