Most Company has an opportunity to invest in one of two new projects. Project Y requires a $345,000 Investment for new machinery with a four-year life and no salvage value. Project Z requires a $345,000 Investment for new machinery with a three-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. (PV of $1, FV of $1. PVA of $1, and FVA of $1 ) (Use approprlate factor(s) from the tables provided.) Project Y Project 2 $380,eee $384, eee Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (34%) Net income 53,280 38, eee 76, eee 45,600 136,800 136,800 27,000 27, eee 293,000 247, 480 87,000 56,680 29,580 19,244 $ 57,420 $ 37, 356 1. Compute each project's annual expected net cash flows. Project Y Project z 2. Determine each project's payback period. Payback Period 1 Choose Denominator: Choose Numerator: Payback Period Payback period 1 = = Project Y Project 2 3. Compute each project's accounting rate of return. Accounting Rate of Return Choose Numerator: Choose Denominator: Accounting Rate of Return Accounting rate of return Project Y Project Z 4. Determine each project's net present value using 9% as the discount rate. Assume that cash flows occur at each year-end. (Round your Intermediate calculations.) Project Y Chart values are based on: Select Chart Amount PV Factor Present Value Net present value Project Z Chart values are based on: no Select Chart Amount PV Factor Present Value = Net present value