A hospital purchases a diagnostic imaging device for $350,000 and installation costs will be $20,000. They estimate the device will have a useful life of 6 years and will then need to be replaced. They also estimate that this device will bring in cash inflows of $85,000 per year for the hospital. a) What is the payback period of this device? (5 marks) b) What happens to the payback period if the useful life of the device can be extended to 8 years through proper maintenance? (1 mark) c) Does the $370,000 cost (purchase plus installation) represent the total cost of ownership of the device? Explain why or why not? (2 marks)