Required information [The following information applies to the questions displayed below] Most Company has an opportunity to invest in one of two new projects. Project Y requires a $320,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $320,000 investment for new machinery with a three-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of \$1. FV of \$1, PVA of \$1, and EVA of \$1 ) (Use appropriate factor(s) from the tables provided.) Required: 1. Compute each project's annual expected net cash flows. 2. Determine each project's payback period. 3. Compute each project's accounting rate of return. 4. Determine each project's net present value using 9% as the discount rate. Assume that cash flows occur at each year-end, (Round your intermediate calculations.)