Exercise 24-11 income 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 each presented the schedule cash fows 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 salvage the end of the investment's Proposal Net Income Value $105.400 12,800 35,100 13,900 17600 16,700 Corporation uses an 11% target rate of retum for new investment proposals. Drake