The Engineering Department at Great Lakes Community College, a taxpayer funded institution, is considering a new Fabrication Lab (Fab Lab) on campus. The cost of designing the Fab Lab and the equipment installation is estimated at $500,000. The equipment would include a 3-D printer and other fabrication machinery. The Engineering Department manager believes that the new Fab Lab would increase enrollment which would increase cash in-flows each year by $145,000. The additional annual costs related to the Fab Lab are estimated at $20,000 for labor (lab technician), $5,000 for repairs & maintenance, $20,000 for supplies and $10,000 for utilities. In order to increase enrollment, the college would need to make the community aware of the new Fab Lab. To do this, the manager is budgeting for $15,000 for marketing over the first three years of the project. It is estimated that the Fab Lab would have a useful life of 15 years and at the end of the life, all of the equipment could be sold for $25,000. Your group works in the Financial Services Office at Great Lakes Community College. The College President, Dr. Salas, has asked you to analyze the project and prepare a memo explaining your results. The college uses a 15% discount rate. You are to: 1. Calculate net cash in-flows for the Fab Lab for each year 2. Calculate Accounting Rate of Return, Payback Period and Net Present Value for the Fab Lab 3. Prepare a brief memo explaining your results and discussing other items to consider when making capital budgeting decisions. Instructions: The calculations must be completed in Excel using formulas. It should be easy to follow and professional in appearance. The brief memo is to be included in the Excel workbook in a textbox. The memo must be free of spelling, grammatical and punctuation errors. You will submit your individual attempt first in the Discussion Forum. Your group will then collaborate and your group leader will submit the final Excel Workbook. Do not merely choose one of the group members' work to submit. After collaboration, major changes to the end product are expected. Points will be deducted if any groups final submission exactly matches those of one group member. Failure to submit your own individual attempt first and/or collaborate in the discussion forum will result in a grade of zero for the Case. Note that you will also evaluate your group members at the end of the case and the evaluation will affect each group members grade. Failure to submit an evaluation will result in a grade of zero for the case.