32. A firm needs to decide between two mutually exclusive projects. Project Alpha requires an initial investment of $11,000 today and is expected to generate cash flows of $67,000 for the next 4 years. Project Beta requires an initial investment of $111,000 and is expected to generate cash flows of $81,100 for the next 8 years. The cost of capital is 5%. The projects can be repeated with no change in cash flows. What is the NPV of the project that would be selected based on the replacement chain analysis? Project Beta: $441,895 Project Beta: $437,957 Project Alpha: $413,167 Project Beta: $413,167 Project Alpha; $412,986