Pharoah Company is considering a capital investment of $185,000 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value. Depreciation is by the straight-line method. During the life of the investment annual net income and net annual cash flows are expected to be $14.985 and $50,000, respectively, Pharoah has a 12% cost of capital rate, which is the required rate of return on the investment Click here to view the factor table: (a) Compute the cash payback period. (Round answer to 1 decimal place, es. 10.5) Cash payback period years Compute the annual rate of return on the proposed capital expenditure (Round answer to 2 decimal places, eg. 10,52%) Annual rate of return % (b) b) Using the discounted cash flow technique, compute the net present value. (If the net present value is negative, use either a negative sign preceding the number e.3.-45 or parentheses e... (45). Round answer for present value to decimal places, es. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Net present value