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 $5,510,000 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 Variable expenses Contribution margin Fixed expenses: $ 4,900,000 2,700,000 Advertising, salaries, and other fixed out-of -pocket costs Depreciation $ 850,00e 1,102,000 Total fixed expenses Net operating income 1,952,000 $748,000 Click here to view Exhibit 13B-1 and Exhibit 138-2 to determine the appropriate discount factor(s) using tables