Free Spirit Industries is a U.S. firm that wants to expand its business internationally. It is considering pabential projects in bath Spain and Canada, and the Spanish project is expected to take six years, whereas the Canadian project is expected to take only three years. However, the firm plans to repeat the Canadian project after three years. These projects are mutually exclusive, so Free Spirit Industries's CFO plans to use the replacement chain approach to analyze bath projects. The expected cash lows for bath projects follow If Free Spirit Industries's cost of capital is 10%, what is the NPV ofthe Spanish project? roject: Spanish YearO: -$650,000 Year $220,000D Year 2: $240,00D Year 3: $245,000 Year4 $270,00D Year5 $120,0DD Year 6: $100,ODD Project: Canadian Year 0: $90,0DD Year 1:$250,00D 2: $265,000 Year 3: $275,00D O $198,233 O $247,791 O $210,622 O $260,181 Assuming that the Canadian project's cost and annual cash inflows do nat change when the project is repeated in three years and that the cost of capital will remain at 10%, what is the NPV of the Canadian project, using the replacement chain approach? O $285,276 O $271,012 O $328,067 O $313,804