A piece of labor-saving equipment has just come onto the market that Mitsui Electronics, Ltd., could use to reduce costs in one of its plants in Japan. Relevant data relating to the equipment follow $299,000 Purchase cost of the equipment Annual cost savings that will be 65,000 10 years provided by the equipment Life of the equipment Required: 1a. Compute the payback period for the equipment b. 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-ine depreciation based on the equipment's useful life. 2b Would the equipment be purchased if the company's required rate of return is 16%? Req 2B Req 2A If the company requires a payback period of four years or less, would the equipment be purchased? Yes ONo Req 2A>