Crane Corporation is reviewing an investment proposal. The initial cost is $$106,400.$ Estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the following schedule. All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year is assumed to equal its book value. There would be no salvage value at the end of the investment's life.

$\backslash$table$[[$Investment Proposal$],[$Year$,\backslash$table$[[$Book$],[$Value$]],\backslash$table$[[$Annual$],[$Cash Flows$]],\backslash$table$[[$Annual$],[$Net Income$]]],[1,$$$69,300,$$$44,500,$$$7,400$