Sandhill Company is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows. Project Bono $164,800 Project Edge $180.250 Project Clayton $204,000 Capital investment Annual net income: Year 1 2 3 14.420 14,420 14,420 18,540 17,510 16,480 12,360 9,270 $74,160 27,810 23.690 21,630 13,390 12,360 $98,880 4 14,420 14,420 5 Total $72.100 Depreciation is computed by the straight-line method with no salvage value. The company's cost of capital is 15%. (Assume that cash flows occur evenly throughout the year.) Compute the cash payback period for each project. (Round answers to 2 decimal places, e.g. 10.50.) Project Bono years Project Edge years Project Clayton years Compute the net present value for each project. (Round answers to decimal places, eg, 125. If the net present value is negative, use either a negative sign preceding the number eg -45 or parentheses eg (45). For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Project Bono Project Edge Project Clayton Net present value $ e Textbook and Media Compute the annual rate of return for each project. (Hint: Use average annual net income in your computation.) (Round answers to 2 decimal places, eg, 10.50.) Project Bono Project Edge Project Clayton Annual rate of return % % % eTextbook and Media Rank the projects on each of the foregoing bases. Which project do you recommend? Net Annual Project Cash Payback Present Value Rate of Return Bono Edge Clayton The best project is