Project Y requires a $350,000 investment for new machinery with a four-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. Annual Amounts Sales of new product Project Y $350,000 Expenses Materials, labor, and overhead (except depreciation) 157,500 Depreciation Machinery Selling, general, and administrative expenses 87,500 49,000 $56,000 Income Revelant Time Value of Money factors: PV $1 (8%, 4 years): 0.7350 PVA $1 (8%, 4 years): 3.3121 PVAD $1 (8%, 4 years) 3.5771 FV $1 (8%, 4 years) 1.3605 FVA $1 (8%, 4 years) 4.5061 FVAD $1 (8%, 4 years) 4.8666 Required: 1. Determine Project Y's payback period. 2 Compute Project Y's accounting rate of return 3. Determine Project Y's net present value using 8% as the discount rate. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) Payback period Accounting rate of return Years 1-4 Initial investment Net present value years Present Value Net Cash Flows X of Annuity at 8% Present Value of Net Cash Flows