Superior Company is considering a proposal for an investment in laser equipment. This will require an investment of $320,000 and is expected to have a useful life of 5 years. Annual net income is expected to be $18,000 a year. Depreciation is computed using the straight-line method with no salvage value. (Hint: Assume cash flow can be computer by adding back depreciation expense.) Superior Company uses a 8% rate of return to evaluate projects. Show your work. 1) What is the cash payback period for this proposal (2 pts)? 2) What is the annual rate of return for this investment (2 pts)? 3) What is the net present value of the investment (5 pts)? 4) Based on your work above, what is your recommendation to Superior Company regarding the investment (1 pt)