Exercise 24-11 Drake 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 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 equal to its book value. There would be no salvage value at the end of the investment's life. Year Annual Net Income 0 Investment Proposal Initial Cost Annual and Book Cash Flows Value $104,700 69,500 $44,600 41,000 39,200 21,900 36,000 9,000 30,800 24,200 $9,400 10,700 16,900 17,900 15,200 5 Drake Corporation uses an 11% target rate of return for new investment proposals. Click here to view PV table. (a) What is the cash payback period for this proposal? (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period years