Panera Bread is considering two capital investment proposals. Estimates regarding each project are provided below: Project Sandwich Project Salad Initial investment I $400,000 $600,000 Annual net income 30,000 46,000 Net annual cash inflow 102,837 141,826 Estimated useful life 5 years 6 years Salvage value -- -0- The company requires a 10% rate of return on all new investments The internal rate of return for Project Sandwich is approximately TABLE 3 Present Value of 1 (11) Periods 4% 96154 5% 95238 6% 94340 7% 93458 8% 9% 10% 925939174390909 11% 90090 12% 89286 15% 86957