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Gilpin Manufacturing, Inc, has a manufacturing machine that needs attention. (Click the icon to view Present Value of $1 table.) (Click the ioon to view additional information.) Gilpin expects the following net cash inflows from the two options: (Click the loon to view Present Value of Ordinary Annuity of $1 table.) 'Click the icon to view the net cash flows.) (Cick the icon to view Fulure Value of $1 table.) Giloin uses straiah-line deoreciation and reauires an annual retum of 14%. Requirement 1. Compute the payback, the ARR, the NPV, and the profitabilify index of these two options. Compute the payback for both options. Begin by completing the payback schedule for Option 1 (refurbish). (Round your answer to one decimal place.) The payback for Option 1 (refurtish current machine) i years Now complete the payback schedule for Option 2 (gurchase) Now complete the payback schedule for Option 2 (purchase). (Round your answer to one decimal place.) The payback for Option 2 (purchase new machine) is years. Compute the ARR (accounting rate of retum) for each of the cptions. Compute the NPV for each of the cptions. Begin with Option 1 (refurbish). (Enter the tactors to three decimai places. X.xXCX. Use parentheses or a minus sign for a negative net present value.) \begin{tabular}{ll} \hline Years & Present value of each year's inflowi \\ \hline 1 & (n=1) \\ 2 & (n=2) \\ 3 & (n=3) \\ 4 & (n4) \\ 5 & (n=5) \\ 5 & (n=6) \\ 7 & (n=7) \\ 5 & (n =8) \\ \hline \end{tabular} Finallv, compute the profitability index for each option. (Round to two decimal places X.x.X.) Reviow your answers in Requirement 1. Gipin should choose because this option has a payback period, an ARR that is the other option, a NPV, and its proftabilty index is More info The company is considering two options. Option 1 is to refurbish the current machine at a cost of $1,600,000. If refurbished, Gilpin expects the machine to last another eight years and then have no residual value. Option 2 is to replace the machine at a cost of $4,600,000. A new machine would last 10 years and have no residual value. Data table