Required information [The following information applies to the questions displayed below.] Project Y requires a $345,000 investment for new machinery with a four-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income Project Y $ 385,000 172,480 86,250 28,000 $ 98,270 4. Determine Project Y's net present value using 6% as the discount rate. (Do not round intermediate calculations. Round your present value factor to 4 decimals and final answers to the nearest whole dollar.) Years 1-6 Initial investment Net present value Answer is complete but not entirely correct. Net Cash Flows X Present Value of Annuity at 6% Present Value of = Net Cash Flows $ 442,828 X 3.4651 = $ 1,534,443 (345,000) $ 1,189,443 x