Gibbs is considering an investment project. The estimated income from operations and net cash flows from the investment is as follows: STUDIO YEAR INCOME FROM OPERATIONS NET CASH FLOWS 1 $ 122,800 $2?0,000 2 102, 800 250,000 3 72, 800 220,000 4 52,800 200. 000 5 ?,200 140,000 TOTAL $3 58.400 $1,080,000 The project requires an investment of $736,000. Straight-line depreciation will be used, and a residual value of $36,000 is expected. A rate of 12% for purposes of the net present value analysis. Instructions Compute the following: 1. The Cash Payback Period 2. Average Rate of Return (Round to one decimal place) 3. Net Present Value {Round present values to the nearest dollar) 4. Present Value Index