Schism Systems$$ Inc., manufactures design components for personal computers. Until the$$ present, manufacturing has been subcontracted to other$$ companies, but for reasons of quality control Schism has decided to manufacture itself in Asia. Analysis has narrowed the choice to two$$ possibilities, Penang,$$ Malaysia, and$$ Manila, the Philippines. At the moment only the summary of$$ expected, after$-$tax, cash flows are available below. Although most operating outflows would be in Malaysian ringgit or Philippine$$ pesos, some additional U$.$S$.$ dollar cash outflows$($expenses$)$ would be$$ necessary, also shown below. The Malaysia ringgit currently trades at MYR$4\mathrm{.}04=$ USD$1\mathrm{.}00$ and the Philippine peso trades at PHP$49\mathrm{.}85=$ USD$1\mathrm{.}00.$ Schism expects the Malaysian ringgit to appreciate $1\mathrm{.}9\%$ per year against the$$ dollar, and the Philippine peso to depreciate $4\mathrm{.}8\%$ per year against the dollar. If the weighted average cost of capital for Schism Systems is $16\mathrm{.}0\%,$ which project looks most promising on the basis of present$$ value?

$----------------------------------------$

Schism in Penang $($after$-$tax$)202220232024202520262027$

Net ringgit cash flows $(28,000)79006700750091009000$

Dollar cash outflows $(130)(100)(150)(150)$

Schism in Manila $($after$-$tax$)$

Net peso CF $-570,000170000160000190000210000220000$

Dollar cash outflows $(80)(180)(280)(380)$