Compute the payback, the ARR, the NPV, and the profitability index of these two options. Compute the payback for both options. Begin by completing the payback schedule for Option 1 (refurbish).

More info The company is considering two options. Option 1 is to refurbish the current machine at a cost of $2,400,000. If refurbished, Mandel expects the machine to last another eight years and then have no residual value. Option 2 is to replace the machine at a cost of $3,000,000. A new machine would last 10 years and have no residual value. Data table More info The company is considering two options. Option 1 is to refurbish the current machine at a cost of $2,400,000. If refurbished, Mandel expects the machine to last another eight years and then have no residual value. Option 2 is to replace the machine at a cost of $3,000,000. A new machine would last 10 years and have no residual value. Data table