MCA Corporation is reviewing an investment proposal. The schedule below presents the initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year. All cash flows are assumed to take place at the end of the year. The investment s salvage value at the end of each year is equal to its book value. There would be no salvage value at the end of the investment s life. MCA Corporation uses a 15% target rate of return for new investment proposals. Instructions (a) What is the cash payback period for this proposal? (b) What is the annual rate of return for the investment? (c) What is the net present value of the investment?