[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 $345,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $345,000 investment for new machinery with a five-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 FVA of $1 ) (Use appropriate factor(s) from the tables provided.) Project Y Project z $390,000 $312,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (32%) Net income 54,600 78,000 140,400 28,000 301,000 89,000 28,480 $ 60,520 39,000 46,800 140,400 28,000 254,200 57,800 18,496 $ 39,304 4. Determine each project's net present value using 7% as the discount rate. Assume that cash flows occur at each year-end. (Round your intermediate calculations.) Project Y Chart values are based on: n = 7% Select Chart Amount PV Factor = Present Value Future Value of an Annuity of 1 $ 0 Present value of cash inflows Net present value Project Z Chart values are based on: n = i = Select Chart Amount PV Factor = Present Value $ 0 Net present value