Drake Corporation is reviewing an investment proposal The initial cost is $107 400, 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 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 Investment Proposal Annual Book Value Cash Flows Annual Net Income Year 1 $70,300 $45.500 $8.400 2 43.000 40,300 13,000 3 22.000 36,000 15,000 4 8.700 29,200 15.900 5 0 26.210 17.510 Drake Corporation uses an 11% target rate of return for new investment proposals Click here to view the factor table -75 ta What is the cash paytrack period for this proposal? Pound answer to 2 decimal places, es 10.50 Cash payback period years (b What is the annual rate of return for the investment? Pourd awwir to 2 decimal pioces, 6. 10.50m) Annual rate of return for the investment (c) What is the net present value of the investment? Of the net present value is grative, usw either a negative sin preceding the numberes -45 or parentheses er (45). Round answer to decimal places, es 125. For calculation purposes, se decimal places as displayed in the factor table provided) Net present value 5 STPM