3. The following information is available for Cohan Company: Initial cost of machine $240,000 Predicted useful life 3 years Predicted residual value zero Predicted annual savings in cash $105,900 Minimum desired rate of return 8% Present value of an annuity of $1 per Year due at the end of each of the next 3 years @8% 2.5771 Compute the following, ignoring income tax effects: 1. Payback period 2. Net Present value 3. Is the IRR greater than, equal to, or less than 8%? How do you know