George is considering the following investment proposal Initial investment Depreciable assets (straight-line) Working capital Operations (per year for 4 years): Cash receipts Cash expenditures Disinvestment: Salvage value of equipment Recovery of working capital Discount rate $15,000 11,000 $21,000 12,000 2,000 5,000 8 percent Calculate Payback period Accounting rate of return on average investment Net present value