16 Given that the initial investment for a new project is $1,708,900. The incremental cash flows for the 3-year project is as follows: Year 1: $700,500 Year 2: $758,000 Year 3: $770,000 The new machines can be sold off for $30,000 at the end of the project. The cost of capital for the company is 6%. What is the present value of the cash flow for year 3? 1)$770,000 2)$646,507 3)$671,695 4)$800,000