Drake Corporation is reviewing an investment proposat. The initial cost is 107,100. Estimates of the book value of the investment at the end each yearthe net cash flows each yearand the net income for each year are presented in the sthedule below. All cash flows are assumed to take place at the end of the yearThe salvage value of the investment at the end of each year is assumed to book There would be no salvage value at the end of the investment's life. Year 1 2 3 Investment Proposal Book Annual Value Cash Flows $$44,900 42.500 40.600 36.000 6.700 29,600 25,615 Annual Netcome $ 13.800 14100 18.915 Drake Corporation uses an 11% target rate of return new investment proposals: Click here to view the What the cash payback period for this proposat ? (answer to 2 decimal places, es 10.50. Cash payback period

Current Attempt in Progress Drake Corporation is reviewing an investment proposal. The initial cost is $107,100. 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 Book Annual Annual Year Value Cash Flows $69,300 $44,900 $7.100 2 42,500 40.600 13.800 20,600 36,000 14.100 6.700 29,600 15,700 25,615 18.915 Net Income 1 3 4 5 0 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, es. 10.50.) Cash payback period years (6)