Williams Corp. makes chrome wheels that are sold through mail order and auto supply stores nationally. They are considering the construction of a new manufacturing plant in South Dakota to increase their capacity by 25%. This new capacity will be needed to meet the demand from a large national auto parts chain. The plant will be able to manufacture 20,000 sets of chrome wheels a year when at full capacity. They will sell the wheels for $120 a set. The COGS (excluding depreciation) is projected to be 65% of sales or $78 per set. They expect that fixed operating expenses (all of which are incremental new expenses) will be $90,000 a year. The land will cost $200,000 today and cannot be depreciated. The plant and equipment will cost $2,300,000 today and will be depreciated for tax purposes on a straight line basis (10% per year) to a value of zero over 10 years. They expect to be able to sell 10,000 sets in year 1 and they expect sales to grow by 4% per year. At the end of ten years they will close the plant and expect to be able to sell it and the land at that time for $1,200,000 before taxes. The project is expected to require an initial investment of $180,000 in Accounts Receivable & Inventory less Accounts Payable and Accrued Expenses or Net Operating Working Capital (NOWC). In subsequent years the year end investment in NOWC is expected to be 15% of next years sales. Since sales stop after year 10 there will be $0 in sales in year eleven therefore no NOWC will be required at the end of year 10. The opportunity cost of capital for Williams Corp. is 9% and their marginal income tax rate is 25%. Calculate the NPV and IRR of the project. Should Williams invest in the new plant? (PROVIDE ANSWER IN EXCEL FORMAT)

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