Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows: Retail Store Year Plant Expansion Expansion 1 $119,000 $99,000 2 97,000 117,000 3 84,000 80,000 4 76,000 56,000 5 Total 24,000 $400,000 48,000 $400,000 Each project requires an investment of $216,000. A rate of 20% has been selected for the net present value analysis. Present Value of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 0.890 0.826 0.797 0.756 0.694 3 0.840 0.751 0.712 0.658 0.579 4 0.792 0.683 0.636 0.572 0.482 5 0.747 0.621 0.567 0.497 0.402 6 0.705 0.564 0.507 0.432 0.335 7 0.665 0.513 0.452 0.376 0.279 8 0.627 0.467 0.404 0.327 0.233 9 0.592 0.424 0.361 0.284 0.194 10 0.558 0.386 0.322 0.247 0.162 Required: 1a. Compute the cash payback period for each project. Cash Payback Period Plant Expansion Retail Store Expansion 1b. Compute the net present value. Use the present value of $1 table above. If required, round to the nearest dollar. Total present value of net cash flow Less amount to be invested Plant Expansion $ Retail Store Expansion Net present value $ 2. Because of the timing of the receipt of the net cash flows, the offers a higher