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Dwight Donovan, the president of Franklin Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation, the machine is expected to have a useful life of three years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $113,000 and for Project B are $32,000 The annual expected cash inflows are $43,848 for Project A and $12,868 for Project B. Both investments are expected to provide cash flow benefits for the next three years. Franklin Enterprises' desired rate of return is 4 percent (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Compute the net present value of each project. Which project should be adopted based on the net present value approach? b. Compute the approximate internal rate of return of each project. Which one should be adopted based on the Internal rate of return approach? Complete this question by entering your answers in the tabs below. TABLE 1 PRESENT VALUE OF $1 1 2 1 5 6 7 S 9 10 II 12 13 14 15 16 17 1S 19 20 44 58 6% 75 SS 99 10% 125 149 16% 20 0.961535 0.952381 0.943396 0.934579 0.923926 0.917431 0.909091 0 592557 0.577193 0.562069 0.333333 0.924556 0.907029 0.559996 0.873439 0.857339 0.5416300526446 0.797193 0.769468 0.743163 0694-144 0.885996 0.863335 0.839619 0.816295 0.793832 0.772153 0.751313 0.711750 0674972 0.640653 0.578701 0 $5450: 0.522702 0.792094 0.762595 0.735030 0.703425 0.6830130635515 0.592030 0552291 0.432253 0.321927 0.733526 0.747258 0.712956 0.6305830619931 0.6209210.567427 0.519369 0476113 0.401573 0.790315 0.746215 0.70.1961 0.666342 0.630170 0.596267 0.561474 0.506631 0.455557 0.410142 0334595 0.759915 0.710681 0.665057 0.622750 0.583490 0.547034 0.513155 0.452349 0.399637 0353530 0.279032 0.730690 0.676339 0.627412 0.582009 0.540269 0.501566 0.466507 0403893 0.350559 0 305025 0 232565 0.702557 0644609 0 591598 0.543934 0500249 0.460425 0.424095 0.360610 0.30750S 0.262953 0.193807 0.675561 0.613913 0.558395 0.505349 0.463193 0422411 0.355543 0.321973 0.269744 0.226684 0161506 0.619581 0.584679 0.526785 0475093 0.428653 0.357533 0 350194 0.257476 0 236617 0.195417 0.134585 0.624597 0.556837 0.490909 0.441012 0.397114 0.355535 0 315631 0.256675 0.2075590.163463 0.112157 0.600574 0.530321 0.468839 0.414964 0.367698 0.326179 0.289664 0229174 0.182069 0.145227 0.093461 0.577475 0 505065 0.442301 0.357817 0.340461 0.299246 0.263331 0.201620 0.199710 0.125195 0.077587 0.555265 0,417265 0.481017 0.362446 0.315242 0.274535 0.239392 0182696 0.140096 0.107927 0.061905 0.093041 0.533905 0 393616 0.054035 0.458112 0.335735 0.291590 0.2515700 217629 0.163122 0.122592 0.050207 0.436297 0513373 0.371364 0.107800 0.270269 0.231073 0.197845 0.145644 0.316574 0.015073 0 350314 0.130040 0.493625 0.295364 0094561 0 250249 0.211994 0.179559 0.415521 0.069144 0.037561 0.474612 0.395734 0.031301 0.330513 0.276503 0.231712 0.194490 0163503 0.116107 0.052919 0059607 0026094 0.376559 0.145684 0.456387 0.311805 0.255419 0.103667 00727620.051355 0214545 0.175431 TABLE 2 PRESENT VALUE OF AN ANNUITY OF 51 N 2 3 4 5 6 3 3 9 10 11 12 13 14 15 16 17 13 19 20 15 0.961533 1 536095 2.775091 3.629995 4.451322 5.242137 6 002055 6.732745 7.435332 8.110996 3.760477 9.38.5074 9.985645 10.563123 11.113397 11.652296 12.165669 12.659297 13.133939 13.590326 39 0.952351 1539410 2.723245 3.545951 4.329477 5.075692 5.736373 6.463213 7.107322 7.721735 8.306414 S.563252 9.393573 9.398641 10.379658 10.837770 11:274066 11 639537 12 055321 12/162210 63 0.943396 1 833393 2673012 3.465106 4.212364 4.917324 5 532381 6.209794 6.301692 7.360087 7.556875 3.383544 8:532653 9.29.4954 9.712249 10.105895 10.477260 10.327603 11.158116 11.469921 8 95 10% 125 145 16% 200 0934579 0.925926 0917131 0.9090910 592537 0.577193 0.362069 0.533333 1.505018 1.783265 1759111 1.735537 1690051 1616061 1.605232 1.527775 2.624316 2577097 2531295 2436332 2401531 2321632 2.245090 2.106451 J.JS7211 3.312127 3239720 3.169365 3.037349 2913712 2.79515 2.558735 4.100197 3.992710 3.599651 3.790757 3.601776 3.433051 3.274294 2.990612 4.766510 4622850 4.48591943552614111407 3.353005 3.694736 3.325510 5.389259 5.206370 5.032953 4868419 4563757 4.253305 4.035565 3.604592 5.971299 5.746639 5.534819 5.3349264967640 4633864 4343591 3.837160 6.315232 6.2468585.995247 5.759024 53282504946372 4006544 4030967 70235326.7100916417658 6.144567 5650223 S216116 4.333227 4.19272 7.495674 7.1339616.805191 6.495061 5937699 5.452733 5.023611 1327000 7.942636 7.536078 7.160725 6.813692 6.194374 5.6602925197107 4439217 5,357651 7.903776 7436901 7.103356 6.423545 5.542362 5.342334 4532651 8.74546S 3.244237 7.7361507.366687 66251686.002072 3.467529 1610567 9.107914 3.559479 8060683 7.606000 6.S1086 6.142165 5.575456 4675373 9.110619 S.SS1369 8.312553 7.623709 6973986 6265060 5.668497 4.729561 9763223 9.121633 8.543631 3.021553 7119630 6372559 5745704 10 059067 9.371837 3.755625 8 201412 7.249670 6.467420 5.817345 1.812195 10 335595 9.603.599 S.905115 9361920 7365772 6.550369 5.577455 4.343496 10.594014 9.S18147 9.123546S 513561 7469444 6 633131 3028541 4.569590 3:20 Complete this question by entering your answers in the tabs below. Required a Required B Compute the net present value of each project. Which project should be adopted based on the net present value approach? (Round your final answers to 2 decimal places.) Net Present Value Project A 8,682.15 Project B $ 3,709.86 Which project should be adopted? Project A Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Compute the approximate internal rate of return of each project. Which one should be adopted based on the internal rate of return approach? Internal Rate of Return Project A Project B Which project should be adopted? 996 161% Project B