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A company is planning to buy a new machine at a cost of $200,000. The machine is expected to last for 10 years and have no saivage value at the end of its useful life. Straight-line depreciation will be used. The company expects to save 10,000 hours of direct labor each year because of the new machine, as well as $4,000 each year in other operating costs. Management's best estimate is that on average the hourly rate for the labor saved will be $5.50. With the exception of the, initial purchase, assume all cash flows take place at the end of the year, and a tax rate of 40%. Required: 1. Calculate the payback period on the investment in new machinery. 2. Calculate the rate of return on the average investment. 3. Calculate the net present value of the investment: (a) (b) Ignoring income taxes, using a discount rate of 10% Including the effect of taxes, using a 10% discount rate