Comparison of approaches to capital budgeting. Bayern-Bau werk is thinking of buying, at a cost of 220 000, some new packaging equip- ment that is expected to save 50000 in cash-operating costs per year. Its estimated useful life is 10 years, and it will have zero terminal disposal value. The required rate of return is 16'%. Required 1 Calculate the payback period. 2 Calculate the net present value. 3 Calculate the internal rate of return. 4 Calculate the accounting rate of return based on net initial investment. Assume straight line depreciation