Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows: Year Plant Expansion Retail Store Expansion 1 $450,000 $500,000 450,000 400,000 340,000 350,000 280,000 250,000 180,000 200,000 Total $1,700,000 $1,700,000 Each project requires an investment of $900,000. A rate of 15% has been selected for the net present value analysis. Present Value of $1 at Compound Interest 10% 2 3 4 5 Year 6% 12% 15% 20% Year 1 234 5 6 7 8 9 10 Present Value of $1 at Compound Interest 10% 0.909 0.826 0.751 0.683 0.621 0.564 6% 0.943 0.890 0.840 0.792 0.747 0.705 0.665 0.627 0.467 0.592 0.424 0.558 0.513 0.386 12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 15% 0.870 0.756 0.658 0.572 0.497 0.432 0.376 0.327 0.284 0.247 20% 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 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.