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Green Chips is a manufacturer of prototype chips based in Dublin, Ireland. Next year, in 2018, Green Chips expects to deliver 525 prototype chips at an average price of $62,000. Green Chips' marketing vice president forecasts growth of 45 prototype chips per year through 2024. That is, demand will be 525 in 2018, 570 in 2019, 615 in 2020, and so on. .(Click the icon to view additional information.) a (Click the icon to view the data on the two options available and additional information.) Present Value of $1 table Present Value of Annuity of $1 table Future Value of $1 table Future Value of Annuity of $1 table Read the @uirements. The plant cannot produce more than 510 prototype chips annually. To meet future demand, Green Chips must either modernize the plant or replace it. The old equipment is fully,r depreciated and can be sold for $4,600,000 if the plant is replaced. If the plant is modernized, the costs to modernize it are to be capitalized and depreciated over the useful life of the updated plant. The old equipment is retained as part of the modernize alternative. The following data on the two options are available: 1. Calculate the cash inflows and outflows of the modernize and replace alternatives over the 2018 - 2024 period. 2. Calculate payback period for the modernize and replace alternatives. 3. Calculate net present value of the modernize and replace alternatives. 4. What factors should Green Chips consider in choosing between the alternatives?Modernize Replace Initial investment in 2018 $ 36,100,000 $ 62,500,000 Terminal disposal value in 2024 $ 6,800,000 $ 15,000,000 Useful life 7 years 7 years Total annual cash operating cost per prototype chip $ 43,500 $ 31000 Green Chips uses straight-line depreciation, assuming zero terminal disposal value. For simplicity, we assume no change in prices or costs in future years. The investment will be made at the beginning of 2018, and all transactions thereafter occur on the last day of the year. Green Chips' required rate of return is 12%. There is no difference between the modernize and replace alternatives in terms of required working capital. Green Chips has a special waiver on income taxes until 2024