When I did a search for this question, the steps and answers given are different from my calculations below. Can someone please help with a step by step? Thank you!

E23-9 Mimulus Inc. is considering a capital investm Calculate annual rate of machinery is expected to have a useful life of five years with sidering a capital investment of $300,000 in additional productive facilities. The new method. During the life of the investment, annual profit and cas have a useful life of five years with no residual value. Depreciation is by the straight-line return, cash payback period, respectively. Mimulus has a 15% cost of capital rate, which is the minimum une investment, annual profit and cash inflows are expected to be $30,000 and $90,000, and net present value. (LO 3, 4) AP S has a 15% cost of capital rate, which is the minimum acceptable rate of return on the investment Instructions (Round to two decimals.) (a) Calculate: (1) the annual rate of return, and (2) the cash payback period on the proposed capital expenditure, (b) Using the discounted cash flow technique, calculate the net present value. (a) Calculate: (1) the annual rate of return, and (2) the cash payback period on the proposed capital expenditure. $ 300,000 Capital investment Useful life (in years) = Depreciation expense $ 60,000 $ $ 30,000 150,000 Expected annual profit Average investment ($300,000 = 2) = Annual rate of return 0.20 20% $ $ 300,000 90,000 Capital investments Net annual cash inflow ($30,000 + $60,000) = Cash payback period 3.33 3.33 years (b) Using the discounted cash flow technique, calculate the net present value. Present value of future cash inflows $301,694.40 ($90,000 x 3.35216) Less: Capital investments $ 300,000 = Net present value $ 1,694.40