Drake Corporation is reviewing an investment proposal. The initial cost is $103,400. 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 equalits book value. There would be no salvage value at the end of the investment's life. Year 1 Investment Proposal Book Annual Value Cash Flows $69.900 $44.700 41,600 40.700 20,900 36,000 7,800 29,100 0 25,280 2 Annual Net Income $11.200 12,400 15,300 16,000 17,480 3 4 5 Drake Corporation uses an 11% target rate of return for new investment proposals. Click here to view the factor table. (a) What is the cash payback period for this proposal? (Round answer to 2 decimal places, e8. 10,50.) Cash payback period years (b) What is the annual rate of return for the investment (Round answer to 2 decimal places, s. 10.50%)