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Ch 10: Assignment - The Basics of Capital Budgeting: Evaluating Cash Flows 13. The replacement chain approach - Evaluating projects with unequal lives Evaluating projects with unequal lives Cold Duck Manufacturing Inc. is a U.S. firm that wants to expand its business internationally. It is considering potential projects in both Italy and Canada, and the Italian project is expected to take six years, whereas the Canadian project is expected to take only three years. However, the firm plans to repeat the Canadian project after three years. These projects are mutually exclusive, so Cold Duck Manufacturing Inc.'s CFO plans to use the replacement chain approach to analyze both projects. The expected cash flows for both projects follow: Ch 10: Assignment - The Basics of Capital Budgeting: Evaluating Cash Flows If Cold Duck Manufacturing Inc.'s cost of capital is 11%, what is the NPV of the Italian project? $272,846 $248,042 $223,238 $198,434 Assuming that the Canadian project's cost and annual cash inflows do not change when the project is repeated in three years and that the cost of capital will remain at 11%, what is the NPV of the Canadian project, using the replacement chain approach? $310,296 $265,968 $295,520 $354,624