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Apple investment project

Use the following information to answer questions 20 - 22:

Apple has gathered the following data on a proposed investment project:

Cost of the Investment $1,200,000
Estimated Salvage Value $0
Annual cost inflows $240,000
Life of the project 10 years
Discount rate 10%

Calculate the following:

20. What is the payback period for the investment?
21. What is the simple rate of return on the investment?
22. What is the net present value of the investment? Should the proposal be accepted? Why or why not?