A capital investment project requires an investment of $50,000 and has an expected life of four years. Annual cash flows at the end of each year are expected to be as follows: 
a. Compute the payback period assuming that the cash flows occur evenly throughout the year.
b. Determine the accounting rate of return for the project based on the initial investment.
c. Compute the net present value of the project using a 10% discount rate. (Round amounts to dollars.)
Definitions:
Corporations
Legal entities recognized by law as separate from their owners, with the ability to own assets, incur liabilities, and engage in contracts or legal actions.
Market System
A market structure where the decisions about production, investment, and distribution are driven by the price signals that emerge from the dynamics of supply and demand.
Scarce Resources
Resources that are limited in supply and cannot satisfy all the demands placed on them.
Circular Flow Model
A simplified economic model that illustrates how money, goods, and services move through the economy in different markets between households and firms.
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