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Mandel Manufacturing, Inc. has a manufacturing machine that needs attention. (Click the icon to view Present Value of $1 table.) (Click the icon to view additional information.) ( Click the icon to view Present Value of Ordinary Annuity of $1 table.) Mandel expects the following net cash inflows from the two options: (Click the icon to view the net cash flows.) (Click the icon to view Future Value of $1 table.) Mandel uses straight-line depreciation and requires an annual return of 10%. (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. Compute the payback for both options. Begin by completing the payback schedule for Option 1 (refurbish). \begin{tabular}{|c|c|c|c|} \hline \multirow{2}{*}{ Year } & Net Cash Outflows & \multicolumn{2}{|c|}{ Net Cash Inflows } \\ \cline { 2 - 4 } & Amount Invested & Annual & Accumulated \\ \hline 0 & $ & & \\ 1 & & & \\ 2 & & & \\ \hline 3 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} The payback for Option 1 (refurbish current machine) is years. Now complete the payback schedule for Option 2 (purchase). (Round vour answer to one decimal nlace ) The payback for Option 1 (refurbish current machine) is years. 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 return) for each of the options. 0 Initial investment Net present value of the project Now compute the NPV for Option 2 (purchase). (Enter the factors to three decimal places. X.XXX. Use parentheses or a minus sign for a negative net present value.) 6789100(n=6)(n=7)(n=8)(n=9)(n=10)TotalPVofcashinflowsInitialinvestmentNetpresentvalueoftheproject Finally, compute the profitability index for each option. (Round to two decimal places X.XX.) = Profitability index Refurbish = Purchase Requirement 2. Which option should Mandel choose? Why? Review your answers in Requirement 1. Mandel should choose because this option has a payback period, an ARR that is the other option, a NPV, and its profitability index is More info The company is considering two options. Option 1 is to refurbish the current machine at a cost of $700,000. If refurbished, Mandel 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 $2,200,000. A new machine would last 10 years and have no residual value. Data table Reference Reference rasant V/alua af Oralinary Annuitu of Reference Reference Future Value of Ordinarv Annuitv of $1 Requirements 1. Compute the payback, the ARR, the NPV, and the profitability index of these two options. 2. Which option should Mandel choose? Why