Hazen Manufacturing, Inc. has a manufacturing machine that needs attention. (Click the icon to view additional information.) Hazen expects the following net cash inflows from the two options: (Click the icon to view the net cash flows.) Hazen uses straight-line depreciation and requires an annual return of 12%. Requirement 1. Compute the payback, the ARR, the NPV, and the profitability index of these two options. Compute the payback for both options. Begin by completing the payback schedule for Option 1 (refurbish). More info The company is considering two options. Option 1 is to refurbish the current machine at a cost of $1,300,000. If refurbished, Hazen expects the machine to last another eight years and then have no residual value. Option 2 is to replace the machine at a cost of $1,900,000. A new machine would last 10 years and have no residual value. Data table Reference Present Value of Ordinarv Annuity of S1 10 of Ordinary of \$1 table.) of Ordinary An fasent Value of ure Value of \$1 ure Value of Or Psent Voluo of Ordir ure Value of 51 tabl ure Value of Ordina