The management of Heckel Communications Inc. is considering two capital Investment projects. The estimated net cash flows from each project are as follows: Year Radio Station TV Station 1 $430,000 $770,000 2 430,000 770,000 3 430,000 770,000 4 430,000 770,000 Present Value of an Annuity of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 1.833 1.736 1.690 1.626 1.528 3 2.673 2.487 2.402 2.283 2.106 3.465 3.170 3.037 2.855 2.589 5 4.212 3.791 3.605 3.353 2.991 6 4.917 4.355 4.111 3.785 3.326 7 5.582 4.868 4.564 4.160 3.605 8 6.210 5.335 4.968 4.487 3.837 9 6.802 5.759 5.328 4.772 4.031 10 7.360 6.145 5.650 5.019 4.192 The radio station requires an investment of $1,227,650, while the TV station requires an investment of $2,338,490. No residual value is expected from either project. Required: la. Compute the net present value for each project. Use a rate of 10% and the present value of an annuity of $1 in table above. If the net present value is negative, enter a negative amount. 1a. Compute the net present value for each project. Use a rate of 10% and the present value of an annuity of $1 in table above. If the net present value is negative, enter a negative amount. Radio Station TV Station Present value of annual net cash flows s 1,363, 100 2,440,900 Amount to be invested 1,227,650 2,338,490 Net present value 135,450 102,410 1b. Compute the present value index for each project. Round your answers to two decimal places. Present Value Index (Rounded) 9.94 x Radio Station TV Station 2. Determine the Internal rate of return for each project by using the present value of an annuity of $1 In the table above. Round the present value factor to three decimal places. Radio Station TV Station Present value factor for an annuity of $1 Internal rate of retum % %