Net Cash Outflows Net Cash Inflows Year Amount Invested Annual Accumulated 0 $ 1,200,000 1 2 3 $ 350,000 $ 340,000 270,000 200,000 130,000 130,000 130,000 130,000 350,000 690,000 960,000 1,160,000 1,290,000 1,420,000 4 6 7 1,550,000 8 1,680,000 (Round your answer to one decimal place.) The payback for Option 1 (refurbish current machine) is Now complete the payback schedule for Option 2 (purchase). Net Cash Outflows Amount Invested S 4.800,000 Net Cash Inflows Annual Accumulated Year 0 1 3,780,000 2 3 $ 3,780,000 $ 510,000 440,000 370,000 300,000 300,000 4 4,290,000 4,730,000 5,100,000 5,400,000 5,700,000 6,000,000 6,300,000 7 300,000 300,000 8 9 300,000 6,600,000 10 300 nnn R900 000 Compute the NPV for each of the options. Begin with Option 1 (refurbish). (Enter the factors to three Net Cash Inflow PV Factor (i = 10%) Present Value Years 1 Present value of each year's inflow: (n = 1) (n = 2) 2 3 (n = 3) 4 5 (n = 4) (n = 5) (n = 6) (n=7) 6 7 3 8 (n = 8) Total PV of cash inflows Initial investment 0 Net present value of the project