Chocolate makers Belgium's Best Ltd are evaluating the purchase of a new machine that will cost $146, 487 and have no residual value. Annual net cash inflows (including tax payments) for each of the next 9 years are expected to be $35,000. The average annual profit is expected to be $18, 648. The company has a cost of capital of 12%. Required a) Calculate the payback period. b) Calculate the net present value. c) Calculate the return on average investment