Heame Company has a number of potential capital Investments. Because these projects vary in nature, Inital Investment, and time hortzon, management is finding it difficult to compare them. Assume straight line depreciation method is used. (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1) (Use appropriate factors) from the tables provided) Project t Retooling Manufacturing Facility This project would require an initial trivestment of $4,940,000. It would generate $946,000 In additional net cash flow each year. The new machinery has a useful life of eight years and a salvage value of $1890.000 Project 2 Purchase Patent for New Product The patent would cost $3.715,000, which would be fully amortized over five years. Production of this product would generate $631,550 additional annual net Income for Hearne. Project 3. Purchase a New Pleet of Delivery Trucks Heame could purchase 25 new delivery trucks at a cost of $149,200 each. The fleet would have a useful life of 10 years, and each truck would have a salvage value of $5.900. Purchasing the fleet would allow Hearne to expand its customer territory resulting in $236,000 of additional net Income per year. Required: 1. Determine each project's accounting rate of return 2 Determine each project's payback period 3. Using a discount rate of 10 percent, calculate the net present value of each project 4. Determine the profitability Index of each project and prioritize the projects for Hearne Answer is complete but not entirely correct. Returning Applicants Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine each project's payback period. (Round your answers to 2 decimal places.) Project 1 Project 2 Project 3 Payback Period 522 years 5.88 years 1550 years