3 Question Help Emma's Bakery plans to purchase a new oven for its store. The oven has an estimated useful life of 4 years. The estimated pretax cash flows for the oven are as shown in the table that follows, with no anticipated change in working capital. Emma's Bakery has a 12% after-tax required rate of return and a 40% income tax rate. Assume depreciation is calculated on a straight-line basis for tax purposes using the initial investment in the oven and its estimated terminal disposal value. Assume all cash flows occur at year-end except for initial investment amounts. (Click the icon to view the estimated cash flows for the oven.) Present Value of $1 table Present Value of Annuity of $1 table Future Value of $1 table Future Value of Annuity of $1 table Read the requirements. i Data Table - X Requirement 1. Calculate (a) net present value, (b) payback period, and (c) internal rate of return. a. Net present value. (Use factors to three decimal places, X.XXX. Round intermediary calculations and your final ar Relevant Cash Flows at End of Each Year The net present value is $ 0 1 2 3 4 b. Payback period. (Round your answer to two decimal places.) Initial oven investment $ 88,000) The payback period is years. Annual cash flows from operations c. Internal rate of return. (Round intermediary calculations to the nearest whole dollar and round the IRR to two decir (excluding the depreciation effect) $ 36,000 $ 36,000 $ 36,000 $ 36,000 Cash flow from terminal disposal of oven $ 8,000 The internal rate of return (IRR) is %. Print Done Enter any number in the edit fields and then continue to the next