Most Company has an opportunity to invest in one of two new projects. Project Y requires a $315,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $315,000 investment for new machinery with a five-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 appropriate factor(s) from the tables provided.)

	Project Y				Project Z
Sales		$	355,000			$	284,000
Expenses
Direct materials			49,700				35,500
Direct labor			71,000				42,600
Overhead including depreciation			127,800				127,800
Selling and administrative expenses			25,000				25,000
Total expenses			273,500				230,900
Pretax income			81,500				53,100
Income taxes (28%)			22,820				14,868
Net income		$	58,680			$	38,232

4. Determine each projects net present value using 6% as the discount rate. Assume that cash flows occur at each year-end. (Round your intermediate calculations.)