Garcia Company can Invest In one of two alternative projects. Project Y requires a $540,000 Initlal Investment for new machinery with a four-year life and no salvage value. Project Z requires a $504,000 inttal investment for new machinery with a three-year life and no salvage value. The two projects yleld the following annual results. Cash flows occur evenly within each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1 ) (Use approprlate factor(s) from the tables provided.) Required: 1. Compute each project's annual net cash flows. 2. Compute each project's payback perlod. If the company bases Investment decisions solely on payback perlod, which project will it choose? 3. Compute each project's accounting rate of return. If the company bases investment decisions solely on accounting rate of return, which project will it choose? 4. Compute each project's net present value using 9% as the discount rate. If the company bases Investment decisions solely on net present value, which project will it choose? Complete this question by entering your answers in the tabs below. Compute each project's annual net cash flows. Compute each project's accounting rate of return. If the company bases investment decisions solely on accounting rate of return, which project will it choose? Compute each project's net present value using 9% as the discount rate. If the company bases investment decisions solely on net present value, which project will it choose? (Do not round intermediate calculations. Round your present value factor to 4 decimals and final answers to the nearest whole dollar.)