MCA Corporation is reviewing an investment proposal. The initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. Investment Proposal Initial Cost and Annual Cash Annual Net Year Book Value Flows Income 0 $104,920 1 69,810 $50,700 $14,280 2 42,200 $45,600 $17,550 3 20,150 $40,400 $19,680 4 6,930 $34,000 $20,690 5 0 $30,100 $22,190 MCA Corporation uses a 15% target rate of return for new investment proposals. Instructions (Round cash payback period and rate of return to 2 decimal places, e.g. 10.50. Round computations and final answer for present value to 0 decimal places, e.g. 125. Round computations for Discount Factor to 5 decimal places.) (a) What is the cash payback period for this proposal? years (b) What is the annual rate of return for the investment? % (c) What is the net present value of the investment? $ Click here if you would like to Show Work for this