Required information [The following information applies to the questions displayed below.] Falcon Crest Aces (FCA), Incorporated, is considering the purchase of a small plane to use in its wing-walking demonstrations and aerial tour business. Various information about the proposed investment follows: Initial investment Useful life Salvage value $ 200,000 10 years $ 20,000 $ 4,600 9% Annual net income generated FCA's cost of capital Assume straight line depreciation method is used. Help FCA evaluate this project by calculating each of the following: Required: 2. Payback period. Note: Round your answer to 2 decimal places. Payback Period _years Required: 3. Net present value (NPV). (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. Do not round intermediate calculations. Negative amount should be indicated by a minus sign. Round the final answer to nearest whole dollar. Answer is complete but not entirely correct. Net Present Value $ 22,600 x Required: 4. Recalculate FCA's NPV assuming the cost of capital is 3 percent. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Round your final answer to the nearest whole dollar amount. Net Present Value