Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 24% each of the last three years. Casey is considering a capital budgeting project that would require a $4,800,000 investment in equipment with a useful life of five years and no salvage value. Pigeon Company's discount rate is 20%. The project would provide net operating income each year for five years as follows: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of- pocket costs Depreciation Total fixed expenses Net operating income $810,000 $4,500,000 2,040,000 2,460,000 960.000 1.770.000 $690,000 See textbook chapter 14 Exhibit 14B-1 and Exhibit 14B-2 to determine the appropriate discount factor(s) using tables.