A piece of laborsaving 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 Purchase cost of the equipment 682,000 Annual cost savings that will be provided by the equipment Life of the equipment 110,000 10 years Required: 1-a. Compute the payback period for the equipment Choose Numerator: 1 Choose Denominator: # | Payback Peri Payback period years 1-b. If the company requires a payback period of four years or less, would the equipment be purchased? Yes No