Englehart Industries is evaluating whether to invest in solar panels to provide some of the electrical needs of its main office building in Newark, New Jersey. The solar panel project would cost $475,000 and would provide cost savings in its utility bills of $45,000 per year. It is anticipated that the solar panels would have a life of 20 years and would have no residual value. Read the requirements. (Click the icon to view the present value factor table.) (Click the icon to view the present value annuity factor table.) (Click the icon to view the future value factor table.) (Click the icon to view the future value annuity factor table.) Requirement 1. Calculate the payback period in years of the solar panel project. Determine the formula, then calculate the payback period. (Round your answer to two decimal places.) = Payback period Requirements 1. Calculate the payback period in years of the solar panel project. 2. If the company uses a discount rate of 8%, what is the net present value of this project? 3. If the company has a rule that no projects will be undertaken that have a payback period of more than five years, would this investment be accepted? If not, what arguments could the energy manager make to try to obtain approval for the solar panel project? 4. What would you do if you were in charge of approving capital investment proposals?