The answer you provided was correct but by the time I sent it they had timed me out and the question changed. Here is the new question, again I calculated the first two values. The annuity rate is 1.859. Can you calculate this answer and I will accept the other so you can get paid?

Analyzing a Capital Investment Proposal

Bowman Corporation is considering an investment in special-purpose equipment to enable the company to obtain a four-year government contract for the manufacture of a special item. The equipment costs $220,000 and would have no salvage value when the contract expires at the end of the four years. Estimated annual operating results of the project are as follows:

Revenue from contract sales $ 320,000
Expenses other than depreciation $ 210,000
Depreciation (straight-line basis) 70,000 (280,000 )

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Increase in net income from contract work $ 40,000

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All revenue and all expenses other than depreciation will be received or paid in cash in the same period as recognized for accounting purposes.

a. Compute the payback period for Bowman's proposal to undertake the contract work:

Payback period years

b. Compute the return on average investment for Bowman's proposal to undertake the contract work:(Round your answer to 1 decimal place. Omit the "%" sign in your response.)

Return on average investment 36.4 %

c. Compute the net present value of the proposal to undertake contract work, discounted at an annual rate of 5 percent. (Refer to annuity table (1.859) in Exhibit 26-4.) (Round your "PV factor" to 3 decimal places.