Doohicky Devices. Doohickey Devices, Inc., manufactures design components for personal computers. Until the present, manufacturing has been subcontracted to other companies, but for reasons of quality control Doohicky has decided to manufacture the components itself in Asia. Analysis has narrowed the choice to two possibilities, Penang, Malaysia, and Manila, the Philippines. At the moment only the summary of expected, after-tax, cash flows displayed in the popup table,, is available. Although most operating outflows would be in Malaysian ringgit or Philippine pesos, some additional U.S. dollar cash outflows would be necessary, as shown in the above popup table The Malaysia ringgit currently trades at RM3.6526/S and the Philippine peso trades at Ps49.18/S. Doohicky expects the Malaysian ringgit to appreciate 2.0% per year against the dollar, and the Philippine peso to depreciate 5.1% per year against the dollar. If the weighted average cost of capital for Dooh icky Devices is 15.0% which project looks more promising? Doohicky in Manila (After-tax) 2012 2013 2014 Net cash flows (pesos) Ps (580,000) Ps 190,000 Ps 170,000 Expected exchange rate (pesos/$) 49.18 [spot (1 0.051))