Determine the net present value of project 1 over a three year lifr eith residual value, assuming a minimum rate of return of 10%. If required round to the nearest dollar.

Net Present Value-Unequal Lives Project 1 requires an original investment of $36,900. The project will yleld cash flows of $7,000 per year for five years. Project 2 has a calculated net present value of $6,700 over a three-year life. Project 1 could be sold at the end of three years for a price of $36,000. Use the Present Value of $1 at Compound Interest and the Present Value of an Annuity of $1 at Compound Interest tables shown belaw. Present Value of an Annuity of $1 at Comnnoms Int.o.c. the noarest dollar: x