Question #1 (30 Points): A company is considering expanding its operations by opening a new branch. The company is considering two different locations West and East. The west branch will require a capital investment of $1.75 million, while the east branch would require $1.1 million. The expected increase in revenues for the West location is $230,000 in the first year increasing by 15% each year thereafter, while for the East branch, it is expected to be $200,000 per year. The annual operating expenses are expected to be $20,000 for both locations. The expected salvage value for the existing machinery is 10% of the first cost for both locations. The company is studying this project over a 10-year study period. What is the discounted payback period of each project using MARR of 8%? which project do you recommend