TechAdvance Inc. is evaluating two investment opportunities: Project Alpha and Project Beta. Project Alpha requires an initial investment of $600,000 and is projected to yield cash flows of $200,000 per year for the next five years. Project Beta entails an initial outlay of $800,000 and is forecasted to generate cash flows of $300,000 in the first year, increasing by $50,000 each subsequent year. Determine the project with the highest net present value (NPV) assuming a discount rate of 8%.