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In: Accounting1. PR.25-02A.ALGOCash Payback Period, Net Present Value Method, and AnalysisElite Apparel Inc. is considering...1. PR.25-02A.ALGOCash Payback Period, Net Present Value Method, and AnalysisElite Apparel Inc. is considering two investment projects. Theestimated net cash flows from each project are as follows:YearPlant ExpansionRetail Store Expansion1$167,000$140,0002137,000164,0003118,000112,0004107,00079,000533,00067,000Total$562,000$562,000Each project requires an investment of $304,000. A rate of 20%has been selected for the net present value analysis.Present Value of $1 at CompoundInterestYear6%10%12%15%20%10.9430.9090.8930.8700.83320.8900.8260.7970.7560.69430.8400.7510.7120.6580.57940.7920.6830.6360.5720.48250.7470.6210.5670.4970.40260.7050.5640.5070.4320.33570.6650.5130.4520.3760.27980.6270.4670.4040.3270.23390.5920.4240.3610.2840.194100.5580.3860.3220.2470.162Required:1a. Compute the cash payback period for eachproject.Cash Payback PeriodPlant ExpansionRetail Store Expansion1b. Compute the net present value. Use thepresent value of $1 table above. If required, round to the nearestdollar.Plant ExpansionRetail Store ExpansionPresent value of net cash flow total$$Less amount to be invested$$Net present value$$2. Because of the timing of the receipt of thenet cash flows, the offers ahigher .