D18 19 (Note: depreciation is the only noncash expense on the income statement) 20 2. Complete the table to compute the net present value of the investment. \begin{tabular}{l|l} 20 & \\ 22 & \\ 23 & \\ 24 & Initial investment \\ 25 & Annual cost savings \\ 26 & Salvage value of the new machine \end{tabular} 27 Total cash flows 28 Discount factor \begin{tabular}{|c|c|} \hline \multirow{2}{*}{ Now } & Year(s) \\ \hline17 & 1 \\ \hline \end{tabular} 29 Present value of the cash flows 30 Net present value 32 Use Excel's PV function to compute the present value of the future cash flows 33 Deduct the cost of the investment \begin{tabular}{|l|l|} 34 & Net present value \\ 35 & \end{tabular} \begin{tabular}{|l|l|} \hline 35 & \\ 36 & 3 . Use Excel's RATE function to compute the project's internal rate of return \\ 37 & \end{tabular} \begin{tabular}{|c|c|} 38 & 4. Compute the project's payback period. \\ 20 & . \end{tabular} an, Sheet1 \begin{tabular}{|l|l|l|l|l|} \hline D18 & & \\ \hline 23 & & \end{tabular}