Drake Corporation is reviewing an Investment proposal. The initial cost is \$107,700. Estimntes of tha bookvalue 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 schedule belown. All cash flows are assumed to take placa at the end of the year. The salvage valus of the investment at the end of each year is assumed to equal its bookvalue. There would be no salvage value at the end of the investment's ilfe. Drake Corporation uses an 11% tareet rate of retum for new Imestment propligls. Click here to view the factor table. (a) What is the eash payback perlod for this proposal? (b) What is the ennual rate of return for the imestinent? Drake Corporation uses an 11% target rate of return for new Investment proposals. Cllck here to view the factor table. (a) What is the cash payback perlod for this proposal? (Round conswer to 2decinal places, es. 1050) Cash paybackperlod years (b) Annual rate of return for the investment \% (c) What is the net present value of the investment? Net present value s ereatbook and Medis