Required information (The following information applies to the questions displayed below.) Beacon Company is considering automating its production facility. The initial investment in automation would be $8.32 million, and the equipment has a useful life of 7 years with a residual value of $1,110,000. The company will use straight-line depreciation. Beacon could expect a production increase of 33,000 units per year and a reduction of 20 percent in the labor cost per unit. Current (no automation) 80,000 units Per Unit Total $ 93 $ ? Proposed (automation) 113,000 units Per Unit Total $ 93 $ ? Production and sales volume Sales revenue Variable costs Direct materials Direct labor Variable manufacturing overhead Total variable manufacturing costs Contribution margin Fixed manufacturing costs Net operating income $ 18 15 10 43 $ 50 . $ 18 ? 10 ? $ 53 ? $ 1,120,000 ? ? $ 2, 260,000 ? 2. Determine the project's accounting rate of return. (Round your answer to 2 decimal places.) Accounting rate of return % :X This is a numeric cell, so please enter numbers only. 3. Determine the project's payback period. (Round your answer to 2 decimal places.) Payback period years 4. Using a discount rate of 14 percent, calculate the net present value (NPV) of the proposed investment. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Enter the answer in whole dollars.) Net present value 5. Recalculate the NPV using a 9 percent discount rate. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Enter the answer in whole dollars.) Net present value