Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division$$s return on investment $($ROI$),$ which has been above $23\%$ each of the last three years. Casey is considering a capital budgeting project that would require a $$4,700,000$ investment in equipment with a useful life of five years and no salvage value. Pigeon Company$$s discount rate is $19\%.$ The project would provide net operating income each year for five years as follows: Sales $ $4,400,000$ Variable expenses $2,000,000$ Contribution margin $2,400,000$ Fixed expenses: Advertising, salaries, and other fixed out$-$of$-$pocket costs $ $800,000$ Depreciation $940,000$ Total fixed expenses $1,740,000$ Net operating income $ $660,000$