Using excel, A $10-$year project expects to generate $$9,000,000$ in annual revenues, has variable costs

equal to $40\%$ of sales, and would require $$250,000$ annually for the rental of a new

warehouse. New equipment would be purchased for $$15,000,000,$ and it would be

depreciated over $10$ years to a known residual market value of $$2,500,000.$ No changes to

working capital are required, the tax rate is $25\%,$ and the cost of capital is $15\%.$

a$.$ What is the project's initial cash flow?

b$.$ What is the annual depreciation tax shield?

c$.$ What is the total cash flow in year ten?