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2. Capital Budgeting Calculations. A divisional manager for a local company has an opportunity to manufacture and sell a new product for a five- year period. His annual pay raises are determined by his division's return on investment (ROI), which has exceeded 18% cach of the last three years. The company's discount rate is 16%. He has computed the cost and revenue estimates for this potential product as follows: Initial Investment (cost of equipment) $380,000 Sales Revenues $350,000 Variable Expenses $170,000 Depreciation Expense $76,000 Fixed Out-of-Pocket Operating costs $50,000 * Assumes no salvage value a. Calculate the payback period for this product. Round to the nearest whole year. b. Compute the accounting rate of return for this product. c. Calculate the net present value for the product