This is for the course capital budgeting and financial modeling. Dont answer using excel. Please write down the formulas and answer on paper if you can. justify and prove the answer.

5. The required time, cost, and likelihood of success for each step of the project is below (15 points): Technology Fabric Engine Fuel Cost $30 million $80 million $60 million Time 6 months 1 year 2 years Probability of Success 1-PV(success) PV (investment) 80% 30% 25% The risk-free rate is 5%. Use equation below to rank the stages of Matthews' rocket-propelled skateboard project