Corn Doggy, Inc. produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped for machines and found that the machine he wants will cost $179,000. In addition, Austin estimates that the new machine will increase the company’s annual net cash inflows by $22,000. The machine will have a 12-year useful life and no salvage value. a. Calculate the cash payback period. b. Calculate the machine’s internal rate of return. c. Calculate the machine’s net present value using a discount rate of 8%. d. Calculate the machine’s annual rate of return. (Hint: You will need to calculate Net Income from the Net Annual Cash Flow amount that is given in the problem). 2. Cepeda Manufacturing Company is considering a new project that requires an equipment investment of $22,000. The project will last for 3 years and produce the following cash inflows. Year 1 $7,000 Year 2 $9,000 Year 3 $15,000 Compute the net present value of this project assuming a discount rate of 12%.