$1.$ Likeby, Inc., is considering a long$-$term investment. It will require an investment of $$84,000.$ It will have a useful life of $5$ years, and no salvage $($i$.$e$.,$ ending$)$ value. Annual cash savings from the investment are $$40,000,$ and annual cash outflows are $$16,000.$ Assume that cash flows other than the initial investment occur evenly throughout the year. What is the payback period?

$2.$ Viewist Watch Company, Inc., is considering a long$-$term investment. It will require an investment of $$40,000.$ It will have a useful life of $2$ years, and no salvage $($i$.$e$.,$ ending$)$ value. Annual cash savings from the investment are $$22,000.$ Assume that cash flows other than the initial investment occur at the end of the year, and that the cost of capital $($i$.$e$.,$ discount rate$)$ is $10\%.$ Calculate the net present value of the investment.