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Sheffeld Company is performing a post-audit of a project completed one year ago. The initial estimates were that the project would cost $570,000, would have

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Sheffeld Company is performing a post-audit of a project completed one year ago. The initial estimates were that the project would cost $570,000, would have a useful life of 9 years, zero salvage value, and would result in net annual cash flows of $106,000 per year. Now that the investment has been in operation for 1 year, revised figures indicate that it actually cost $618,000, will have a useful life of 11 years, and will produce net annual cash flows of $93,000 per year. Click here to view PV tables. Evaluate the success of the project. The company's discount rate is 10%. (Use the above table.) (Round factor volues to 5 decimal ploces, eg. 1.25124 and final answers to 0 decirtial ploces, eg. 5.275.)

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