Help using Excel to solve economic problemsSee question below….I need to use excel to answer the question but do not have experience with excel.A business installs an automated drilling system for $1,250.00. It’s resell value after 7 years will be $250000. The savings associated with this machine are $220,000. in the first tow years and $320000. for every year after. The system will be used 3000 hours in year 1 and 2 and 4000 hours for every year after. The system will be sold at the end of seven years. The interest rate for the company is 12%1. what is the capital recovery cost?2. What is the annual equivalent net worth?3. What are the net savings generated per machine-hour
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