Petal Industries is deciding whether to automate one phase of its production process. The manufacturing equipmen has a six-year life and will cost $900,000. Projected net cash inflows are as follows: Requirement 1. Compute this project's NPV using Petal's 16% hurdle rate. Should Petal invest in the equipment? Use the following table to calculate the net present value of the project. Years Year 1 Present value of each year's inflow: (n = 1) Year 2 Present value of each year's inflow: (n = 2) Year 3 Present value of each year's inflow: (n = 3) Year 4 Present value of each year's inflow: (n = 4) Year 5 Present value of each year's inflow: (n = 5) Year 6 Present value of each year's inflow: (n = 6) Total PV of cash inflows Year 0 Initial investment Net present value of the project Net Cash Inflow PV Factor (i = 16%) Present Value