Daniel Jonathan Manufacturing is evaluating two mutually exclusive projects that have unequal lives. The firm must evaluate the projects using the both the NPV approach and the Annualized Net Present Value (ANPV) approach and recommend which project they should select for each approach. The firm's cost of capital has been determined to be 18 percent, and the projects have the following initial investments and cash flows: Project W: Initial Investment = 40,000 Cash Inflows, Year 1 to 5 = 20,000 each year

Project Y: Initial Investment = 58,000 Cash Inflows, Year 1 = 30,000; Year 2 = 35,000; Year 3 = 40,000

Calculate using: a) NPV Approach and recommend which project should be selected.b) ANPV Approach and recommend which project should be selected.