The Spanish project is a six-year project that is expected to produce the following cash flows: Project: Year 0: Year 1: Year 2: Spanish -$650,000 $220,000 $240,000 $245,000 $270,000 $120,000 $100,000 Year 3: Year 4: Year 5: Year 6: The Thai project is only a three-year project; however, your company plans to repeat the project after three years. The Thai project is expected to produce the following cash flows: Thai Project: Year 0: Year 1: -$520,000 $275,000 $280,000 $295,000 Year 2: Year 3: Because the projects have unequal lives, you have decided to use the replacement chain approach to evaluate them. You have determined that the appropriate cost of capital for both projects is 9%. Assuming that the Thai project's cost and annual cash inflows do not change when the project is repeated in three years and that the cost of capital remains at 9%, answer the following questions: The NPV of the Spanish project is: $258,320 $299,108 $244,724 $271,916 The NPV of the Thai project is: $381,611 $364,265 $346,919 0 $416,303