the first photo is exhibit 1 and rhe second is the actual question. please explain the work and find NPV using financial calcultor. The third photo below is the correction my prof made for me. i dont understand where the 18,396 came from.

rered Question 1 0/15 pts Review Exhibit 1 below. Also see Excel Template for the Exhibit provided under Modules. Assume an initial outlay of $3.000 in 2020 e 2020 is Year O). Also assume that the terminal cash flow is zero and no working capital in 2020. Calculate the NPV for the project assuming a WACC of 5 percent and a tax rate of 21% Exhibit 1 2021 2022 2023 Revenue 20.222 21.435 22.721 Production Costs 13144 13.933 14.769 Depreciation 310 436 462 Total Production Costs 13.454 14369 15,231 Selling, General & Administrative 4044 4.287 4.544 Total Operating Expenses 17.498 18,656 19.775 Operating Proht Cash 800 850 900 Accounts 1065 1130 1197 receivable Accounts 1598 1694 1796 payable NWC Change in NWC Capital Expenditures 1.500 826 875 Incorrect Question 5 0/15 pts Using the Exhibit in Question 1, conduct sensitivity analysis assuming 100% bonus depreciation in 2021. What is the NPV? You have tore calculate S. the operating T propt after Subtracting depreciation So year 2021 20222 18396 1826 (Op Profit) 1443 Profet after 1208 Tax + Depr by 267 DinNwC 1500 - capes 884 Focal