Exercise 16-11 Flint Corporation is reviewing an investment proposal. The initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net incone 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 equal to its book value. There would be no salvage value at the end of the investment's life. Annual Cash Flows Initial Cost Annual Net Income Year and Book Value $104,000 69,100 42,900 20,000 8,000 $44,300 39,900 35,200 29,700 24,800 $9,400 13,700 12,300 17,700 16,800 Flint Corporation uses an 11% required rate of return for new investment proposals. view PV tabl What is the cash payback period for this proposal? (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period years What is the annual rate of return for the investment? (Round answer to 2 decimal places, e.g. 10.50.) Annual rate of return for the investment What is the net present value of the investment? (If the net present value is negative, use either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Round answer to 0 decimal places, e.g. 125 For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Net present value s