31. The expected average rate of return for a proposed investment of $600,000 in a fixed asset, with a useful life of four years, straight-line depreciation, no residual value, and an expected total net income of $216,000 for the 4 years, is: 18% a. 15% b. 27% c. d. 9% 32. An anticipated purchase of equipment for $400,000, with a useful life of 8 years and no residual value, is expected to yield the following annual net incomes and net cash flows: Net Income $60,000 50,000 Net Cash Flow Year $110,000 1 2 100,000 3 50,000 40,000 100,000 4 90,000 90,000 5 40,000 6 40,000 90,000 90,000 40,000 8 40,000 90,000 What is the cash payback period? 5 years b. 4 years a 6 ears d. 3 years c. 33. The rate of earnings is 6% and the cash to be received in one year is $10,000. Determine the present value amount, using the following partial table of present value of$1 at compound interest: Year 6% 10% 12% .943 909 893 2 890 797 826 3 840 751 712 4 792 683 636 $9,090 b. $9,000 $9,430 a. c. d. $8,930 | 34. The expected average rate of return for a proposed investment of $4,800,000 in a fixed asset, using straight line depreciation, with a useful life of 20 years, no residual value, and an expected total net income of $12,000,000 is: 25% a. b. 18% 40% c. 12.5% d