Briggs Company has income from operations of $36,000, invested assets of $750,000, and sales of Chapter 26 Determine the average rate of return for a project that is estimated to yield total income of $36,000 over 3 years, has a cost of $70,000, and has a $10,000 residual value. A project has an estimated annual net cash flow of $9300. It is estimated to cost $41,850. Determine the cash payback period. Round to 1 decimal place