Net Present Value-Unequal Lives Project 1 requires an original investment of $69,200. The project will yield cash flows of $18,000 per year for nine years. Project 2 has a calculated net present value of $16,000 over a seven-year life. Project 1 could be sold at the end of seven years for a price of $70,000. 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 Year 6% 10% 12% 15% 20% 0.833 1 0.943 0.909 0.893 0.870 2 0.890 0.826 0.756 0.694 0.797 3 0.840 0.751 0.712 0.658 0.579 4 0.792 0.683 0.636 0.572 0.482 0.747 5 0.621 0.567 0.497 0.402 6 0.705 0.564 0.507 0.432 0.335 0.665 0.513 0.452 0.376 0.279 7 8 0.627 0.467 0.404 0.327 0.233 0.592 0.424 0.361 0.284 0.194 10 0.558 0.386 0.322 0.247 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 2.283 2.106 4 3.465 3.037 2.855 2.589 3.170 4.212 5 3.791 3.605 3.352 2.991 6 4.917 4.355 4.111 3.784 3.326 4.160 5.582 4.868 4.564 7 3.605 8 6.210 5.335 4.968 4.487 3.837 9 6.802 5.759 5.328 4.772 4.031 10 7.360 5.650 5.019 4.192 6.145 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