Drake Corporation is reviewing an investment proposal. The initial cost is $104,400. Estimates of the bookvalue of the investinent at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. 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 Year 1 2 3 4 Investment Proposal Annual Book Value Cash Flows $70,400 $45.900 41.600 40,500 20,300 36,000 7.300 30,300 0 24780 Annual Net Income $11.900 11.700 14.700 17.300 17.480 5 Drake Corporation uses an 11% target rate of return for new investment proposals. Drake Comoration uses an 118 target rate of return tornew investment proposals Click here to view the factortable (2) What is the cash payback period for this proposal? (Round answer to 2 decimal places, s. 10.50.) Cashewback period 223 years 15 What is the annual rate of retum for the investment? Round answer to 2 decimal places, es, 10.50%) Anncolate of return for the investment 35 ic What is the met present value of the investimentar the net present value is negative, se either a negative sin preceding the number es. 45 or parentheses (45). Round answer to O decimal places, s. 125. For calculation purposes, se 5 decimal places as displayed in the factor table provided) Net present Value 5 39541 eTextbook and Media Attempts-2f5used DEL F4 F5 F6 F7 GO