ULab, a well-established medical laboratory is planning to upgrade their equipment. The equipment cost is $112,000 and the installation cost is $25,000. The operating and maintenance cost is $12,000 per year. The new equipment also requires part replacement on year 10 with a cost of $30,000. The machine life is 20 years and no salvage value at the end of its life. Prior to this equipment upgraded, the revenue is expected to increase by $50,000 yearly. Draw a cash flow diagram for this investment. If the interest rate is 7.0%, calculate the Internal Rate of Return (IRR) and evaluate whether the laboratory should proceed the plan. ULab, a well-established medical laboratory is planning to upgrade their equipment. The equipment cost is $112,000 and the installation cost is $25,000. The operating and maintenance cost is $12,000 per year. The new equipment also requires part replacement on year 10 with a cost of $30,000. The machine life is 20 years and no salvage value at the end of its life. Prior to this equipment upgraded, the revenue is expected to increase by $50,000 yearly. Draw a cash flow diagram for this investment. If the interest rate is 7.0%, calculate the Internal Rate of Return (IRR) and evaluate whether the laboratory should proceed the plan