Net present value--unequal lives Project 1 requires an original investment of $62,200. The project will yield cash flows of $12,000 per year for 8 years. Project 2 has a computed net present value of $16,000 over a 6 -year life. Project 1 could be sold at the end of 6 years for a price of $60,000. 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 a. Determine the net present value of Project 1 over a 6 -year life with residual value, assuming a minimum fate of return of i2\%. If required, round to the nearest doliar. b. Which project provides the greatest net present value