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Most Company has an opportunity to invest in one of two new projects. Project Y requires a $350,000 Problem 24-2A investment for new machinery with a four-year life and no salvage value. Project Z requires a $350,000 Analysis and computation of investment for new machinery with a three-year life and no salvage value. The two projects yield the fo payback period, accounting rate lowing predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly of return, and net present value throughout each year Project Y Project Z Expenses 49,000 70,000 26,000 25,000 270,000 80,000 24,000 35,000 42,000 26,000 25,000 228,000 52,000 15,600 Selling and administrative e xpenses ... " . Required 1. Compute each project's annual expected net cash flows. (Round the net cash flows to the nearest dollar.) 2. Determine each project's payback period. (Round the payback period to two decimals.) 3. Compute each project's accounting rate of return. (Round the percentage return to one decimal.) 4. Determine each project's net present value using 8% as the discount rate. For part 4 only, assume that Check For ProjectY: (2) 2.44 years (3) 32% 4) $125,286 cash flows occur at each year-end. Round the net present value to the nearest dollar.) Analysis Component 5. Identify the project you would recommend to management and explain your choice