1 Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 23% each of the last three years. Casey is considering a capital budgeting project that would require a $4500,000 investment in equipment with a useful life of five years and no salvage value, Pigeon Company's discount rate is 19%. The project would provide net operating income each year for five years as follows: 10 points $4,000,000 1,840,000 2,160,000 Sales Variable expenses Contribution margin Fixed expensest Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $760,000 820,000 1,500,000 580,000 Click here to view Exbibit 78.1 and Exhibit 70-2. to determine the appropriate discount factors) using tables, Required: 1 What is the project's not present value? 2. What is the project's internal rate of return to the nearest whole percent? 3. What is the project's simple rate of return? 4-a. Would the company want Casey to pursue this investment opportunity? 4-5. Would Casey be inclined to pursue this investment opportunity