Imperial is considering investing in solar paneling for the roof of its large distribution facility. The investment will cost $9 million and have a six-year useful life and no residual value. Because of rising utility costs, the company expects the yearly utility savings to increase over time, as follows: (Click the icon to view the yearly utility savings.) ..... The company uses the payback period and ARR to screen potential investments. Company policy requires a payback period of less than five years and an ARR of at least 10%. Any potential investments that do not meet these criteria will be removed from further consideration. Read the requirements. 1. Calculate the payback period of the solar panels. First enter the formula, then calculate the payback period. (Enter amounts in dollars, not millions. Round your answer to two decimal places.) Full years + ( Amount to complete recovery in next year . Projected net cash inflow in next year Payback + ( years 2. Calculate the ARR of the solar panels. First enter the formula, then compute the ARR of the solar panels. (Enter amounts in dollars, not millions. Enter your answer as a percent rounded to two decimal places.) Accounting . rate of return . % 3. Should Imperial turn down the solar panel investment or consider it further? The payback period five years. The ARR 10%. Therefore, Imperial should V the solar panel investment. Requirements N Calculate the payback period of the solar panels. Calculate the ARR of the solar panels. Should Imperial turn down the solar panel investment or consider it further? 3. Print Done Data Table $ 1,400,000 Year 1..... Year 2...... Year 3...... $ 1,600,000 $ 2,600,000 Year 4.... $ 2,700,000 $ 3,800,000 Year 5... Year 6..... $ 4,700,000 Print Done