Question 1 Current Attempt in Progress Drake Corporation is reviewing an investment proposal. The initial cost and 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 year are presented in the schedule below. 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 equal to its book value. There would be no salvage value at the end of the investment's life. Investment Proposal Initial Cost and Book Value Annual Cash Flows Annual Net Income Year O $%104,100 69,400 $%44,300 39,700 34,600 8,800 30,300 24,700 $9,600 12,900 12,500 18,600 15,900 42,600 20,500 2 3 4 0 Drake Corporation uses an 11% target rate of return for new, investment proposals. Drake Corporation uses an 11% target rate of return for new investment proposals. Click here to view PV table. What is the cash payback period for this proposal? (Round answer to 2 decimal places, eg. 10.50.) years Cash payback period 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 preceding the number eg 45 or parentheses es (45). Round answer too What is the net present value of the investment? (f the net present value is negative, use either a negative sign lation purposes, use 5 decimal places as displayed in the factor table provided.) Net present value $ 10:33 PM