Pharoah Company is considering two capital investment proposals. Estimates regarding each project are provided below: Project Soun Project Nuts Initial investment $400000 $600000 Annual net income 60000 76000 Net annual cash inflow 136000 169000 Estimated useful life 5 years 6 years Salvage value 0 0 The company requires a 10% rate of return on all new investments. Present Value of an Annuity of 1 Periods 995 10% 11% 12% 3.890 3.791 5 3.696 3.605 6 4,486 4.355 4.231 4.111 The annual rate of return for Project Soup is 15.0%. 30.0% 34.0%. 68.0%