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Question - Morgan Company is considering a capital investment of $183,000 in additional productive facilities. The new machinery is expected to have a useful life of five years with no salvage value. Depreciation is by the straight-line method. During the life of the investment, annual net income and net annual cash flows are expected to be $20,130 and $61,000, respectively. Morgan has a 12% cost of capital rate, which is also the minimum acceptable rate of return on the investment.
Required - Calculate (1) the cash payback period and (2) the annual rate of return on the proposed capital expenditure.
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