Show all formulas and steps using engineering economics. A company spends $1,000,000 on equipment with a 10 year service life to start a manufacturing facility. The expenses are $100,000 per year, and the revenue from selling the products are $450,000 per year. The depreciation method that the company uses to depreciate their equipment is MACRS 5 year schedule. For this problem, assume a flat income tax of 34%.

a) Determine the Taxable Income, Income Tax, and After Tax Cash Flows (ATCFs) for the life of the project (10 years)

b) Determine the non-discounted payback period

c) Determine the discounted payback period if interest rate = 5%

d) Determine the IRR of the ATCF after 10 years