The Satellite System for the United States is estimated to cost $1 Billion. The winner bidder has committed to complete it in four years with the following milestone payments:

First payment: $100m at the start of first year.

Second Payment: $350m at the end of second year

Third payment: $300m at the end of third year

Final payment: $250m on completion at end of 4^th year.

The annual operations &maintenance after completion is estimated to be $60 million, payable at the end of each year and with 5% annual increase thereafter.

Your customer has committed to pay $250 million annually at the end of the each year after completion, with the first payment at the end of 5^th year from start and with 5% annual increase thereafter.

Assuming 8% discount rate and 2% inflation each year from the very beginning, when does the project achieve a positive NPV? Please show your calculations in a spreadsheet