RTE Telecomm is a U.S. firm that wants to expand its business internationally. It is considering potential projects in both Spain and Thailand, and the Spanish project is expected to take six years, whereas the Thai project is expected to take only three years. However, the firm plans to repeat the Thai project after three years. These projects are mutually exclusive, so RTE Telecomm's CFO plans to use the replacement chain approach to anaivze both projects. The expected cash flows for both projects follow: If RTE Telecomm's cost of capital is 13%, what is the NPV of the Spanish project? $145,669$171,375$162,806$154,238 Assuming that the Thal project's cost and annual cash inflows do not change when the project is repeoted in three years and that the cost of capital will remain at 13%, what is the NPV of the Thai project, using the replacement chain approach? $208,065 $219,016 $240,918 $229,967