Cowboy Recording Studio is considering the investment of $135,300 in a new recording equipment. It is estimated that the new equipment will generate additional cash flow of $20,000 per year for each year of its 8 -year life and will have a salvage value of $13,500 at the end of its life. Cowboy's financial managers estimate that the firm's cost of capital is 8%. Use and Note: Use appropriate factor(s) from the tables provided. Round the PV factors to 4 decimals. Required: a. Calculate the net present value of the investment. b. Calculate the present value ratio of the investment. c. What is the internal rate of return of this investment, relative to the cost of capital? d. Calculate the payback period of the investment. Complete this question by entering your answers in the tabs below. Calculate the net present value of the investment. Note: Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer rounded to the nearest whole dollar amount. Table 6-5: Factors for Calculating the Present Value of an Annuity of $1 Table 6-4: Factors for Calculating the Present Value of $1 Calculate the present value ratio of the investment. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. The internal rate of return of this investment is Calculate the payback period of the investment. Note: Do not round intermediate calculations. Round your answer to 2 decimal places