Modoc 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 usly savings to increase over me, as follow Click the icon to view the yearly utility savings) The company uses the payback period and ARR to screen potential investment Company policy usapack period of less than five years and an ARR of at least 12%. Any posts that do not meet these ter wil be removed from further consideration Read the redures 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) 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, notions Enter your answer as a percent rounded to two decimal places) Accounting rate of retum 3. Should Modo turn down the solar panel investment or consider it further? the solar panel investment The payback period five years. The ARR 12%. Therefore, Modoc should Year 1 $ 1,100,000 Year 2 $ 2,200,000 Year 3 $ 2,500,000 Year 4 $ 2,800,000 Year 5 $ 4,300,000 Year 6 . . $ 5,400,000