4) ABC Department Stores is considering two possible expansion plans. One proposal involves opening 5 stores in Florida at the cost of $1,830,000. Under the other proposal, the company would focus on Buffalo and open 6 stores at a cost of $2,400,000. The following information is available: Florida proposal Buffalo proposa Required investment $1,830,000 $2,400,000 Estimated life 8 years 8 years Estimated residual life $50,000 $40,000 Estimated annual cash inflows over the next 8 years $200,000 $900,000 Required rate of return 10% 10% The net present value of the Buffalo proposal is closest to