Gravina Company is planning to spend $$7,000$ for a machine that it will depreciate on a straight$-$line basis over $10$ years with no salvage value. The machine will generate additional cash revenues of $$1,400$ a year. Gravina will incur no additional costs except for depreciation. Its income tax rate is $30\%.($For parts $3$ and $4$ of this question use Table $1$ and Table $2.)$

Required:

$1.$ What is the payback period of the proposed investment under the assumption that the cash inflows occur evenly throughout the year? $($Round your answer to $2$ decimal places.$)$

$2.$ What is the accounting $($book$)$ rate of return $($ARR$)$ based on the initial investment outlay? $($Round your answer to $1$ decimal place.$)$

$3.$ What is the maximum amount that Gravina Company should invest if it desires to earn an internal rate of return $($IRR$)$ of $15\%?($Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.$)$

$4.$ What is the minimum annual $($pretax$)$ cash revenue required for the project to earn a $15\%$ internal rate of return? $($Round your intermediate calculations and final answer to the nearest whole dollar amount.$)$