Net present value-unequal lives Bunker Hill Mining Company has two competing proposals: a processing mill and an electric shovel. Both pieces of equipment have an initial investment of $770,000. The net cash flows estimated for the two proposals are as follows: Year Processing Mill Net Cash Flow Electric Shovel 1 $308,000 $336,000 2 255,000 319,000 3 255,000 315,000 4 272,000 325,000 5 172,000 6 146,000 7 131,000 8 131,000 The estimated residual value of the processing mill at the end of Year 4 is $280,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine which equipment should be favored, comparing the net present values of the two proposals and assuming a minimum rate of return of 10%. If required, round to the nearest dollar. Processing Mill Electric Shovel