You are evaluating a new investment project that requires an immediate investment of $2,100 in machinery, which has a useful life of 3 years and will be depreciated according to a straight-line depreciation method towards a salvage value of $0. At the end of its useful life, the equipment will be sold for $100. Aside from the machinery, the project also requires an initial investment of $1,000 in net working capital, half of which will be recovered at the end of the project's life. To assess the impact of the new project, the company conducted a feasibility study one year ago. The study cost $50. According to the study, the new project will decrease after-tax income from existing products by $100 per year, starting in year 1. Finally, your accountant, who has been working with the company for 5 years, pointed out that if the project is not accepted, the company could rent out its facilities for $150 per year, starting in year 1. The accountant's salary is $100 per year and will increase to $110 if the project is accepted because she will have to work overtime on the new project. Project payoffs occur at the end of the year, the discount rate is 15%, and the tax rate is 30%. Other details for the project are provided below: Year 1 2,000 Year 2 2,000 Year 3 2,000 Revenues Production costs 700 700 700 i) Compute the NPV of the project in two different ways: 1) using the built-in Excel function and 2) by discounting the free cashflows ii) Compute the Pl of the project iii) Compute the IRR of the project and write down the NPV equation that is solved by the IRR function in Excel iv) Using the IRR as the discount rate, re-calculate the NPV of the project using the built-in Excel function. What is the NPV of the project if the IRR is used as the discount rate? v) Can we use the IRR to assess the profitability of this project? Why or why not? vi) Should the project be accepted