20. Pappys Potato has come up with a new product, the Pet Potato (they are freeze-dried to last longer). Pappys paid $120,000 for a marketing survey to determine the viability of the product. It is felt that Pet Potato will generate sales of $575,000 per year. The fixed costs associated with this will be $179,000 per year, and variable costs will amount to 20 percent ofsales. The equipment necessary for production of the Potato Pets will cost $620,000 and will be depreciated in a straight-line manner for the four years of the product life (as with all fads, it is felt the sales will end quickly). This is the only initial cost for the production. Pappys is in a 40 percent tax bracket and has a required return of 13 percent. Calculate the payback period, NPV, and IRR. **** Can this be answerd on an Excel Spreadsheet?***