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Some more info:

The company is considering two options. Option 1 is to refurbish the current machine at a cost of $1,400,000. If refurbished, Hazen expects the machine to last another eight years and then have no residual value. Option 2 is to replace the machine at a cost of $4,200,000. A new machine would last 10 years and have no residual value.

Year	Refurbish Current Machine	Purchase New Machine
Year 1	$400,000	$3,240,000
Year 2	480,000	620,000
Year 3	360,000	500,000
Year 4	240,000	380,000
Year 5	120,000	260,000
Year 6	120,000	260,000
Year 7	120,000	260,000
Year 8	120,000	260,000
Year 9		260,000
Year 10		260,000
Total	$1,960,000	$6,300,000

Requirement 1. Compute the payback, the ARR, the NPV, and the profitability index of these two options. Compute the payback for both options. Begin by completing the payback schedule for Option 1 (refurbish). (Round your answer to one decimal place.) The payback for Option 1 (refurbish current machine) is years. Now complete the payback schedule for Option 2 (purchase). (Round your answer to one decimal place.) The payback for Option 2 (purchase new machine) is years. Compute the ARR (accounting rate of return) for each of the options. (Round your answer to one decimal place.) The payback for Option 2 (purchase new machine) is years. Compute the ARR (accounting rate of return) for each of the options. Now compute the NPV for Option 2 (purchase). (Enter the factors to three decimal places. X.XXX. Use parentheses or a minus sign for a negative net present value.) Total PV of cash inflows 0 Initial investment Net present value of the project Finally, compute the profitability index for each option. (Round to two decimal places X.XX.)