Transcribed image text : Drake Corporation is rewiewing an investment proposak. The initial cost is $104.700 . Estimates of the book value of the irveitment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take place at the end of the year. The saivage value of the investment at the end of each year is assumed to equal its book value. There would be no salvage value at the end of the irvestment's life. Drake Corporation uses an 11% target rate of return for new investment proposals. Click here to view the factor table. (a) What is the cash payback period for this proposal? (Round answer to 2 decimal places, eg, 10.50) Cash payback period years (b) What is the annual rate of return for the investment? (Round answer to 2 decimal places, eg. 10.508.) Annual rate of return for the lnvestment 36 (c) What is the net present value of the investment? of the net present value is negative, use elther a negative sign precedins the number es. 45 or parentheses es (45). Round answer to 0 decimal ploces, es. 125. For calculation purposes, use 5 decimal places as displayed in the factor toble provided.] Net present value: 5