Spring Company is considering the purchase of some equipment. The initial investment will be $200,000. The estimated useful life of the equipment will be 5 years, at which point it will have a zero terminal salvage value. The annual savings in cash operating costs will equal $68,000, and the company has a minimum desired rate of return of 12%. Use straight-line depreciation and ignore income taxes. Compute: a. Net-present value b. Payback period C. Accounting rate of return using initial investment d. Internal rate of return