20. As part of your new job at Cybe

20. As part of your new job at CyberInc. the company is providing you with a new Jeep. Your firm will lease this $34,000 Jeep for you. The terms of the lease are seven annual payments at an interest rate of 10%, which will fully amortize the cost of the car. What is the annual lease payment?(a) $6,984.39(b) $5,342.86(c) $4,857.14(d) $3,584.00Answer: (a)21. A rule of thumb with using the internal rate of return is to invest in a project if the IRR is ________ the opportunity cost of capital.(a) greater than(b) less than(c) less than or equal to(d) one-half ofAnswer: (a)22. When considering the timeframe of an investment, a rule followed by some is to choose the investment with ______ payback period.(a) the longest(b) the shortest(c) no(d) an infiniteAnswer: (b)23. A major problem with using the internal rate of return rule is ________.(a) there may be multiple cash outflows and multiple cash inflows(b) the internal rate of return may not exist(c) the internal rate of return may not be unique(d) all of the above Answer: (d)