Net present valueunequal lives Project 1 requires an original investment of $48,600. The project will yield cash flows of $13,000 per year for 8 years. Project 2 has a computed net present value of $11,900 over a 6-year life. Project 1 could be sold at the end of 6 years for a price of $57,000. Use the Present Value of $1 at Compound Interest and the Present Value of an Annuity of $1 at Compound Interest tables shown

Present Value of $1 at Compound Interest \begin{tabular}{cccccc} \hline Year & 6% & 10% & 12% & 15% & 20% \\ \hline 1 & 0.943 & 0.909 & 0.893 & 0.870 & 0.833 \\ 2 & 0.890 & 0.826 & 0.797 & 0.756 & 0.694 \\ 3 & 0.840 & 0.751 & 0.712 & 0.658 & 0.579 \\ 4 & 0.792 & 0.683 & 0.636 & 0.572 & 0.482 \\ 5 & 0.747 & 0.621 & 0.567 & 0.497 & 0.402 \\ 6 & 0.705 & 0.564 & 0.507 & 0.432 & 0.335 \\ 7 & 0.665 & 0.513 & 0.452 & 0.376 & 0.279 \\ 8 & 0.627 & 0.467 & 0.404 & 0.327 & 0.233 \\ 9 & 0.592 & 0.424 & 0.361 & 0.284 & 0.194 \\ 10 & 0.558 & 0.386 & 0.322 & 0.247 & 0.162 \end{tabular} a. Determine the net present value of Project 1 over a 6-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