.3.00 points Hearne Company has a number of potential capital Investments, Because these projects vary in nature. nital investment, and time horizon, management is finding it difficult tb compare them. Assume straight B depreciation method is used. Project 1: Retooling Manufacturing Facility This project would require an initial investment of $4,850,000.It would generate $865,000 in additional cash fow each year. The new machinery has a useful life of eight years and a salvage value of $1,000,0 Project 2: Purchase Patent for New Product The patent would cost $3,400,000, which would be fully amortized over five years Production of this product would generate $425,000 additional annual net income for Heame. Project 3: Purchase a New Fleet of Delivery Trucks Heame could purchase 25 new delivery trucks at a oost of $115,000each The feet would have a useful le of 10 years, and each truck would have a sahage v to expand its customer temitory resulting in $200,000 of additional net income per year value of $5,000. Purchasing the feet would allow Heame Deemine each popecrs acountrg rate of retm (Round your answe, to 2 decimal 791% Project 1 Project 2 Project 3 12.50 % 2. Determine each projact's payback period. (Round your answers to 2 decimal places) 4