Free Spirit Industries is a U.S. firm that wants to expand its business internationally. It is considering potential projects in both Germany and Thailand, and the German project is expected to take six years, whereas the Thai project is expected to take only three years. However, the firm plans to repeat the Thai project after three years. These projects are mutually exclusive, so Free Spirit Industries's CFO plans to use the replacement chain approach to analyze both projects. The expected cash flows for both projects follow If Free Spirit Industries's cost of capital is 10%, what is the NPV of the German project? Thai Project: German Year 0 -$700,000 Year 1 $240,000 Year 2: $270,000 Year 3: $290,000 Year 4: $250,000 Year 5:$130,000 Year 6 $110,000 Project: Year 0: $520,000 Year $275,000 Year 2: $280,000 Year 3: $295,000 $286,407 O $245,492 $272,769 O $300,046 Assuming that the Thai project's cost and annual cash inflows do not 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 Thai project, using the replacement chain approach? O $288,509 O $320,566 O $336,594 O $368,651