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Happy Bean inc operbles a chain of snack shops. The compary is considering two possible expansion plans. Plan A would open eight smaller shops at a cost of $8,640,000. Expected annual net cash inflows are $1,650,000 with zero residual value at the end of ton years. Under Plan B, Happy Bean would open three larger shops at a cost of $8,440,000. This plan is expected to generate net cash inflows of $1,350,000 per year for ten yoars, the estmated life of the properties. Estimated residual value is $950,000. Happy Been usos straight-line depreciation and requires an annual cetum of 10%. (Click the icon to vew the present value annuity factor tablo) (Click the icon to view the presont value factor table.) (Click the icon to view the future value annuity factor table) (Cick the icon to view the future value factor table.) Read the requirements. Requirement 1. Compute the payt copital budgeting models? Begin by computing the payback pe Plan A (in years) Plan B (in years) Now compute the ARR (accounting Requirements 1. Compute the payback period, the ARR, and the NPV of these two plans. What are the strengths and weaknesses of these capital budgeting models? 2. Which expansion plan should Happy Bean choose? Why? 3. Estimale Plan A's IRR. How does the IRR compare with the company's required rate of return? Reference ould open eight smalle en years. Under Plan of $1,350,000 per year lepreciation and actor table.) ctor table.) Plan A would open end of ten years. inflows of $1,350, ght-line depreciatio to value factor table value factor table.) Reference Happy Bean Inc, operates a chain of snack shops. The company is considering wo possible expansion plans, Plan A would open eight smaller shops at a cost of $8,640,000. Expected annual net cash inflows are $1,650,000 with zero residual value at the end of ton years. Under Plan B. Happy Bean would open three larger shops at a cost of $8,440,000. This plan is expected to generate net cash inflows of $1,350,000 per year for ten years, the estimated life of the properties. Estimated residual value is $950,000. Happy Bean uses straight-line depreciation and requires an annual retum of 10%. (Click the icon to view the present value annuity fnctor table.) (Click the icon to view the present value factor table.) (Click the icon to view the future value annuity factor table-) Click the icon to viow the future value factor table.) Read the requirements. Requirement 1. Compute the poyback period, the ARR, and the NPV of these two plans. What are the strengtha and weaknesses of these capital budgoting models? Begin by computing the payback period for both plans. (Round your answers to one decimal place.)