Exercise 24-11 Your answer is partially correct. Try again. Drake Corporation is reviewing an investment proposal. The initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take place at the end of the year. 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 Initial Cost Annual Cash Flows Annual ear and Book Net Income Value $105,700 69,800 43,000 21,100 7,000 0 $44,200 40,400 35,000 29,000 26,000 $8,300 13,600 13,100 14,900 19,000 Drake Corporation uses an 11% target rate of return for new investment proposals er What is the cash payback period for this proposal (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period 2.60 ears