Concord Company is considering a capital investment of $479,550 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual net income and cash flows are expected to be $45,000 and $139,000, respectively. Concord has a 12% cost of capital rate, which is the minimum acceptable rate of return on the investment.

(a) Compute the cash payback period. (Round answer to 1 decimal place, e.g. 10.5.)

Compute the annual rate of return on the proposed capital expenditure. (Round answer to 2 decimal places, e.g. 10.52%)

(b) Using the discounted cash flow technique, compute the net present value. (If the net present value is negative, use either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45). Round answer for present value to 0 decimal places, e.g. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

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