Raliegh, a nonprofit organization, estimates that it can save $23,000 a year in cash operating costs for the next 8 years if it buys a special-purpose eye-testing machine at a cost of $90,000 . No terminal disposal value is expected. required rate of return is 10%. Assume all cash flows occur at year-end except for initial investment amounts. Raliegh uses straight-line depreciation.

b. Payback period

c. Internal rate of return

d. Accrual accounting rate of return based on net initial investment

e. Accrual accounting rate of return based on average investment