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Rapid Wave is considering purchasing a water park in Fort Worth, Texas, for $1,950,000. The new facility will generate annual net cash inflows of $505,000 for eight years. Engineers estimate that the facility will remain useful for elight years and have no residual value. The company uses straight-line depreciation. Its owners want payback in less than five years and an ARR of 10\% or more. Management uses a 14% hurdle rate on investments of this nature. (Click the icon to view the present value annuity table.) (Click the icon to vlew the present value table.) (Click the icon to view the future value annuity table.) (Click the icon to view the future value table.) Read the reguirements. Requirement 1. Compute the payback period, the ARR, the NPV, and the approximate IRR of this investment. (If you use the tables to compute the IRR, answer with the closest interest rate shown in the tables.) (Round the payback period to one decimal place.) The payback period (in years) is 14s hude rath of inetimentik of thit rature. company uses straight-line depreciaton. lts owners want poybuck in less than five years and an AFR of tofl or mote. Managemert 14\% hurde fate on investments of thit nature Reference atable. = ( lyou tse the table: a decimal place.) Reference Reference Requirements 1. Compute the payback period, the ARR, the NPV, and the approximate IRR of this investment. (If you use the tables to compute the IRR, answer with the closest interest rate shown in the tables.) 2. Recommend whether the company should invest in this project