Exercise 16-37 Payback, Accounting Rate of Return; Net Present Value: Taxes (Sections 1, 2, and 3) (LO 16-1, 16.6. 16.8) [The following information applies to the questions displayed below.] Metro Car Washes, Inc, is reviewing an investment proposal. The initial cost as well as the estimate of the book value of the investment at the end of each year, the net after-tax cash flows for each year, and the net income for each year are presented in the following schedule. The salvage value of the investment at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. Management uses a 14 percent after-tax target rate of return for new investment proposals. Use Appendix A for your reference. (Use oppropriote foctor(s) from the tobles provided.) Exercise 16-37 Part 1 Required: 1. Compute the project's payback period. Assume that the cash flows in years 1 through 5 occur uniformly throughout each year. (Round your onswer to 2 decimol ploces.) 2. Calculate the accounting rate of return on the investment proposal, Base your calculation on the initial cost of the investment. (Round your "Percentoge" onswer to 2 decimal ploces (i.e., 1234 should be entered os 12.34).) 3. Compute the proposal's net present value. (Round intermediate calculations to the nearest whole dollar.)