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Part II (10 marks) PP Limited plans to buy a new machine to reduce the process time and the defective rate during the production process. The machine requires an investment of $95,000. The machine will last for three years with an expected salvage value of $5,000. The expected after-tax cash flows associated with the project are as follows: Year Cash revenue ($) 31,000 36,000 56,000 Cash expenses ($) 6,000 6,000 6,000 Assume that the company uses a required rate of return of 10%. Required: (where appropriate, round answers to two decimal places) (a) Determine the following for the new machine: (i) Payback period (ii) Accounting rate of return based on average investment (7 marks) (b) Compare and contrast the payback period, accounting rate of return, and net present value for evaluating capital investment decisions. (3 marks) (Total for Question 5: 19 marks) End of Question Paper