The owner of Waco Waffle House is considering an expansion of the business. He has identified two alternatives, as follows: Build a new restaurant near the mall. Buy and renovate an old building downtown for the new restaurant. The projected cash flows from these two alternatives are shown below. The owner of the restaurant uses a 8 percent after-tax discount rate. Net After-Tax Cash Cash Outflow: Investment Inflows* Time 0 Proposal Years 110 Years 1120 $766,500 315,500 $81,000 50,500 $81,000 Mall restaurant Downtown restaurant Includes after-tax cash flows from all sources, including incremental revenue, incremental expenses, and depreciation tax shield. Compute the net present value of each alternative restaurant site. Net Present Value Mall restaurant Downtown restaurant