52. Suppose you have three independent projects X,y, and Z. Assume that the hurdle rate (opportunity cost) is 12% for all the three projects. Their NpVs and tRRs are as shown below. Which project should the manoger choose if they are mutually exclusive? 53. A new furnace for your small factory will cost 544,000 , and will be completed in one year. At that point, it will require ongoing maintenance expenditures of $1,200 a year. It is far more fuel-efficient than your old furnace and will reduce your consumption of heating oil by 4,100 gallons per year. Heating oil this year costs $2 a gallon; the price per gatfon is expected to increase by $0.50 a year for the next 3 years and then to stabilize for the foreseeable future. The furnace will last for 20 years from initial use, at which point it will need to be replaced and will have no salvage value. (Specifically, the firm pays for the furnace at time 0, and then reaps net cash flows from that investment at the end of years 120). The discount rate is 10%. What is the NPV of the investment in the furnace? 54. What is the IRR? 55. What is the Profitability Index? 56. What is the Payback Period