Micelli Company has an opportunity to invest in one of two projects. Project A requires a $480,000 investment for new machinery with a three-year life and no salvage value. Project B also requires a $480,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year Project B $750,000 $800,000 125,000 250,00 Project A Sales Expenses .. Direct Direct labor . . .. 130,000 330,000 120,000 705,000 45,000 13,500 $ 31.500 80,000 276,000 120,000 726,000 74,000 Selling and administrative expenses Total expenses.. Income taxes (30%) 22,200 $ 51.800 Required 1. Compute each project's annual expected net cash flows. (Round net cash flows to the nearest dollar.) 2. Determine each project's payback period. (Round the payback period to two decimals.) 3. Compute each project's accounting rate of return. (Round the percentage return to one decimal.) 4. Determine each project's net present value using 10% as the discount rate. For part 4 only, assume that cash flows occur at each year-end. (Round net present values to the nearest dollar.)