Wally's Water Works (WWW) is considering a new piping system with an installed cost (initial investment) of $950,000. This cost will be depreciated straight-line to zero over the project's five-year life, at the end of which the piping system can be scrapped for a cost of $100,000 (This means that the firm has to pay $100,000 to get rid of the system, not a salvage of $100,000.). The cost to scrap the system is a tax deductible operating expense. The piping system will not generate new sales, but it will decrease current Cost of Goods Sold (COGS) by $550,000 per year (this means that sales will not change, but COGS will be $550,000 lower). The system requires an initial investment in net working capital of $57,500 that will be returned at the end of the project. The tax rate for this firm is 35 percent. The required return for projects of the same level of risk as this water system is 11%. Do you recommend that WWW proceed with this project? Clearly present and justify your recommendation using IRR, NPV and payback period. Please show all your work and use excel.||