To show your work and to receive credit, please use Excel cell formulas, financial functions or algebraic time value of money equations to answer these questions in your spreadsheet.

Contact Manufacturing is considering two alternative investment proposals. The first proposal calls for a major renovation of the company's manufacturing facility. The second involves replacing just a few obsolete pieces of equipment in the facility. The company will choose one project of the other this year, but it will not do both. The cash flows associated with each project appear below and the firm as determined that the cost of capital for both projects is 14%. Year Renovate Replace -$9,000,000 -2,400,000 2,500,000 2,000,000 2,700,000 800,000 3,000,000 200,000 3,100,000 200,000 3,300,000 200,000 Assignment 1. Calculate the payback period of each project, and based on this criterion, indicate which project you would recommend for acceptance. 2. Calculate the discounted payback period of each project, and based on this criterion, indicate which project you would recommend for acceptance. 3. Calculate the net present value (NPV) of each project, and based on this criterion, indicate which project you would recommend for acceptance. Contact Manufacturing is considering two alternative investment proposals. The first proposal calls for a major renovation of the company's manufacturing facility. The second involves replacing just a few obsolete pieces of equipment in the facility. The company will choose one project of the other this year, but it will not do both. The cash flows associated with each project appear below and the firm as determined that the cost of capital for both projects is 14%. Year Renovate Replace -$9,000,000 -2,400,000 2,500,000 2,000,000 2,700,000 800,000 3,000,000 200,000 3,100,000 200,000 3,300,000 200,000 Assignment 1. Calculate the payback period of each project, and based on this criterion, indicate which project you would recommend for acceptance. 2. Calculate the discounted payback period of each project, and based on this criterion, indicate which project you would recommend for acceptance. 3. Calculate the net present value (NPV) of each project, and based on this criterion, indicate which project you would recommend for acceptance