Holmes Industries is deciding whether to automate one phase of its production process. The manufacturing equipment has a six-year life and will cost $910 , 000 . Projected net cash inflows are as follows: (Click the icon to view Present Value of Ordinary 4% hurdle rate. Should Hoimes invest in the equipment? project. (Enter any factor amounts to three decimal net present value.) Requirements 1. Compute this project's NPV using Holmes's 14% hurdle rate. Should Holmes invest in the equipment? 2. Holmes could refurbish the equipment at the end of six years for $104 , 000 . The refurbished equipment could be used one more year, providing $77 , 000 of net cash inflows in year 7 . Additionally, the refurbished equipment would have a $55 , 000 residual value at the end of year 7 . Should Holmes invest in the equipment and refurbish it after six years? (HinfII In addition to your answer to Requirement 1 , discount the additional cash outfow and inflows back to the present value.) Present Value of Ordinary Annuity of \$1