BE $12-5$ Net present value$-$unequal lives

Project $1$ requires an original investment of $$375,000.$ The project will yield cash flows of $$90,000$ per year for $8$ years. Project $2$ has a computed net present value of $$50,000$ over a $6-$year life. Project $1$ could be sold at the end of $6$ years for a price of $$40,000.($a$)$ Using the present value tables in Exhibits $2$ and $5,$ determine the net present value of Project $1$ over a $6-$year life, with residual value, assuming a minimum rate of return of $10\%.($b$)$ Which project provides the greatest net present value?