15. The replacement chain approach - Evaluating projects with unequal lives Evaluating projects with unequal Fives: Your company is considering starting a new prolect in either Spain or Ukraine-these projects are motually exclusive, so your boss has asked you to analyze the projects and then tell her which prolect will create more value for the company's stocholders. The spanluh profect is a thoyear project that is expected to produce the following cash flows: The Ukrainian project is only a three vear project: Deweveis voor company plans to repeat the project after three vears. The Uloainian project is Erpected to produce the following cash flom: Because the profecte have unequal lives, you have decided to use the replacement chain approach to evaluate them. You have determined that the appropriate cost of capital for both projects is 12%. Assuming that the Ukrainlan project's cost and anmual cash indlows do not change when the profect is repeated in three years and that the cost of capital remains at 12%, fill out the following table: NPV Sparish project: Nov Urrainlan profect