18. If an asset costs $254,000, has a ten-year useful life, and generates net annual cash flow of $86,500 per year for the first 2 years, and $18,000 per year for the following 8 years, the cash payback period (rounded to 0.0 years) is a. 6.5 years. b. 2.9 years. C. 10.0 years. d. 2.4 years. 19. Seymour, Inc. is considering a capital investment (equipment) costing $150,000 with a 6-year useful life and equal annual net cash flows. The equipment has an internal rate of return (IRR) of 12%. Use the following table: Present Value of an Annuity of 1 9% 4.486 10% 4.355 11% 4.231 12% 15% 4.111 3.785 What is the approximate net present value (NPV) of this investment evaluated at 10% Payments 6 8% 4.623 (rounded to the nearest $1)? a. $8,903 b. $25,000 c. $34,443 d. $36,487