Net Present Value-Unequal Lives Project 1 requires an original investment of $80,700. The project will yield cash flows of $21,000 per year for 9 years. Project 2 has a computed net present value of $15,000 over a seven-year life. Project 1 could be sold at the end of seven years for a price of $77,000. Use the Present Value of $1 at Compound Interest and the Present Value of an Annuity of $1 at Compound Interest tables shown below. Present Value of $1 at Compound Interest 6% Year 10% 12% 15% 20% 0.943 0.909 0.893 1 0.870 0.833 2. 0.890 0.826 0.797 0.694 0.756 0.658 3 0.840 0.751 0.579 0.712 0.792 0.683 4 0.636 0.572 0.482 0.747 5 0.621 0.567 0.497 0.402 0.705 6 0.564 0.432 0.335 0.507 0.452 7 0.665 0.513 0.376 0.279 0.233 8 0.627 0.467 0.404 0.361 0.321 0.284 9 0.592 0.194 0.424 0.386 10 0.558 0.322 0.247 0.162 Present Value of an Annuity of $1 at Compound Interest Year 6% 10% 12% 15% 20% 0.943 0.909 0.893 0.870 0.833 2 1.833 1.736 1.690 1.626 1.528 3 2.673 2.487 2.402 2.283 2.106 4 3.465 3.170 3.037 2.855 2.589 eBook Show Me How Calculator UDLE 7 0.665 0.513 0.452 0.376 0.279 8 0.467 0.404 0.327 0.233 0.627 0.592 9 0.424 0.194 0.361 0.322 0.284 0.247 10 0.558 0.386 0.162 Present Value of an Annuity of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 1.833 1.736 1.690 1.626 1.528 3 2.673 2.487 2.402 2.106 4 3.465 3.170 3.037 2.855 2.589 2.283 5 4.212 3.791 3.605 3.353 2.991 5 4.917 4.355 4.111 3.785 3.326 7 5.582 4.868 4.564 4.169 3.605 8 6.210 4.968 4.487 3.837 5.335 5.759 9 6.802 5.328 4.772 4.031 10 7.360 6.145 5.650 5.019 4.192 a. Determine the net present value of Project 1 over a seven-year life with residual value, assuming a minimum rate of return of 20%. If required, round to the nearest dollar. b. Which project provides the greatest net present value