Pharoah Corporation is reviewing an investment proposal. The initial cost is $107,100. 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 yoar are presented in the following schedule. 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 assumed to equal its book value. There would be no salvage value at the end of the investment's life. Investment Proposal Annual Annual Cash Flows Net Income $69 300 $44,900 $7.100 40,600 Year Book Value 1 2 42.500 13.800 3 20,600 36,000 14,100 6.700 29.600 15,700 3 3 20.600 36,000 14,100 4 6.700 29,600 15.700 5 0 25,615 18,915 Pharoah Corporation uses an 11% target rate of return for new investment proposals. Click here to view PV table. (a) What is the cash payback period for this proposal? (Round answer to 2 decimal places, eg. 10.50) Cash payback period years (b) What is the annual rate of return for the investment? (Round answer to 2 decimal places, eg. 10.50%) Annual rate of return for the investment % (c) What is the net present value of the investment? (If the net present value is negative, use either a negative sign preceding the number es. -45 or parentheses eg (45). Round answer to O decimal places, eg, 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Net present value $