15. (16 points) Hobie Corp. has the following information for the purchase of a new machine in its manufacturing process:

Cost of the machine	$ 225,000
Expected useful life the cost of the machine will be	4 years
depreciated on a straight-line basis to a terminal disposal value of zero.
Working capital investment upon machine purchase (fully recovered at the end of the useful life)	$12,000
Annual cost savings with the new machine	$ 66,000
Machines expected salvage value at the end of four years	$8,000
Required rate of return	8%
Hobies tax rate	15%

a. Calculate the net present value (NPV) of the project (round your solution to dollars). b. What is the payback period of the project (round your solution to two decimal places)?