A $500,000 capital investment proposal has an estimated life of four years and no residual value. The minimum desired rate of return for net present value analysis Is 12%. The estimated net cash flows and the present value of $1 at compound Interest of 12% for 1, 2, 3, and 4 years are as follows: Present Valueof Year Net Cash Flow $1 at 12% 1 $300,000 893 2 260,000 .797 3 $208,000 .712 4 180,000 .636 Determine the net present value. $237,696 $948,000 $737,696 500,000