Dillard Corporation Dillard Corporation is considering an investment in a labor-saving machine. Information on this machine follows: Cost Salvage value in five years Estimated life $30,000 $0 5 years $6,000 Annual reduction in existing costs $8,000 Annual depreciation a. What is the internal rate of return on this project? 37.5% or 10.5%| b. Assume for this question only that Dillard Corporation uses a discount rate of 16 percent to evaluate projects of this type. What is the project's net present value? $(3,806) c. What is the payback period on this investment?