A piece of labor-saving equipment has just come onto the market that Mitsul Electronics, Limited, could use to reduce costs in one of its plants in Japan. Relevant data relating to the equipment follow Required: 1a. Compute the payback period for the equipment. 1b. If the company requires a payback peniod of four years or less, would the equipment be purchased? 2a. Compute the simple rate of return on the equipment. Use straight-line depreciation based on the equipment's useful life 2b. Would the equipment be purchased if the company's required rate of return is 14% ? Complete this question by entering your answers in the tabs below. Compute the payback period for the equipment. (Round your answer to 1 decimal place.) Required: 1a. Compute the payback period for the equipment. 1b. If the company requires a payback period of four years or less, would the equipment be purchased? 2a. Compute the simple rate of return on the equipment. Use straight-line depreciation based on the equiprnents usefur life 2b. Would the equipment be purchased if the company's required rate of return is 14%6 ? Complete this question by entering your answers in the tabs below. Compute the simple rate of return on the equipment, Use straight-line depreciation based on the equipment's useful life. (Round your answer to 1 decimal place i.e. 0.123 should be considered as 12.3\%.)