use excel $($Calculating free cash flows$)$ You are the product manager of Lexcon Fitnessand are considering the production of new elliptical trainers. You feel you can sell$5,500$ of these per year for $6$ years $($after which time this project is terminated dueto product obsolescence$).$ The elliptical trainers would sell for $$1,200$ each andhave a variable cost of $$600.$ The annual fixed costs associated with productionwould be $$1\mathrm{.}2$ million. In addition, there would be a $$4\mathrm{.}5$ million initial expenditure associated with the purchase of new production equipment. It is assumedthat this initial expenditure will be depreciated using the straight$-$line methoddown to zero in $6$ years. This project will also require a one$-$time initial investment of $$800,000$ in net working capital associated with inventory and working capital investment will be recovered when the project is terminated. Finally,assume that the firms marginal tax rate is $22$ percent.a$.$ What is the initial outlay associated with this project?b$.$ What are the annual free cash flows associated with this project for years $1$through $5?$c$.$ What is the terminal cash flow in year $6($that is$,$ what is the free cash flow in year$6$ plus any additional cash flows associated with the termination of the project$)?$d$.$ What is the projects NPV given a $12$ percent required rate of return?