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,

Doohicky in Penang (after-tax)	2012	2013	2014	2015	2016	2017
Net ringgit cash flows	(27,000)	7900	6800	7400	9000	8000
Dollar cash outflows		(140)	(140)	(150)	(160)
Doohicky in Manila (after-tax)
Net peso cash flows	(540,000)	170000	180000	200000	190000	200000
Dollar cash outflows		(110)	(210)	(310)	(410)

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 RM3.8802$ and the Philippine peso trades at Ps50.52. Doohicky expects the Malaysian ringgit to appreciate 1.9% per year against the dollar, and the Philippine peso to depreciate 5.2% per year against the dollar. If the weighted average cost of capital for Doohicky Devices is 15.0%, which project looks more promising?