5. Whiz Computers Inc manufactures notebook personal computers. Whiz seeks to establish a manufacturing subsidiary in Europe, either in the UK, or in Germany. Presently, the following summary of expected after-tax cash flows is available. Although most operating outflows would be in pounds or euros, some U.S. dollar cash expenses are necessary. The following are year-end cash flows; assume it is year-end 2018 right now. I would suggest working the problem out in a spreadsheet such as Excel.

Year	2019	2020	2021	2022	2023	2024
Proj 1 --Whiz UK CFs
cash inflows		5,000	3,600	4,000	5,000	6,000
cash outflows	13,000	1,000	200	300	400	1,000
$ cash outflows		100	120	150	150	None
Proj 2 -- Whiz Germany CFs
cash inflows		6,000	5,000	5,000	6,000	6,500
cash outflows	14,000	1,000	200	300	400	1,000
$ cash outflows		100	120	150	150	None

Exchange rates are currently 0.67/$ and 0.77/$. Whizs currency advisor expects the UK pound to appreciate 4% per year against the dollar, and the euro to depreciate 2% per year against the dollar. If the US weighted average cost of capital for Whiz is 15% for both projects, which project looks most promising?