7. Dickerson Co. is evaluating a project requiring a capital expenditure of $420,000. The project has an estimated life of 6 years and no salvage value. The estimated net income and net cash flow from the project are as follows Year $18,000 18,000 18,000 18,000 18,000 18,000 $88,000 88,000 88,000 88,000 88,000 88,000 The company's minimum desired rate of return is 12%. Required: a. Calculate average (accounting) rate of return. b. Calculate payback period c. Calculate net present value