nd Width, Inc. is deciding between two projects - Project Full Steam Ahead which is a 6-year project, requires a slightly smaller initial investment and has higher annual cash flows. The other opportunity, Project Slow and Steady requires a slightly larger initial Investment has lower annual cash flow generation but will last 10 years. Data for the two projects is as follows: Full Steam Ahead Slow and Steady Initial Investment $540,000 $600,000 Annual Revenues 800,000 400,000 Annual Costs 550,000 220,000 Working Capital Required (released at end of project) 300,000 160,000 Additional Maintenance Costs 70,000 in year 3 10,000 in years 3, 6 and 9 Life of Project 6 years 10 years The discount rate utilized by Band Width is 12%. 1. Using NPV, which project would you recommend? 2. If the discount rate is 16%, how does this affect your answer? 3. What do you think would happen to the results of the analysis if the discount rate was 8%