This is a project to reduce a facility's lighting costs by replacing the current system and installing new LED Fixtures with built$-$in occupancy sensors$.$Installed Cost $=$ $$26,000($but there is a one$-$time utility rebate of $$4,300)$ Annual Savings $=$ $ $3,500$Equipment Life $=20$ yearsIf the lighting system is not replaced, an additional $$22,000$ will be payable in years $5,10,$ and $15.($That is$,$ the $$22,000$ cost can be avoided in years $5,10,$ and $15$ by installing new LED Fixtures with built$-$in occupancy sensors$.)$The customer's headquarters' CFO has set an $18\%$ hurdle rate for energy efficiency projects. Still, the local facility manager has been told not to pursue anything with a simple payback for longer than three years.What is Simple Payback, and does it meet the facility manager's requirements? What is the Net Present Value? Does it meet the CFO's criteria?