A piece of labor-saving equipment has just come onto the market that Mitsui Electronics, Limited, could use to reduce costs in one of its plants in Japan. Relevant data relating to the equipment follow: Purchase cost of the equipment Annual cost savings that will be. provided by the equipment Life of the equipment Required: $ 378,000 $ 70,000 12 years hces 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? Complete this question by entering your answers in the tabs below. Req 1A Req 18 Compute the payback period for the equipment. Note: Round your answer to 1 decimal place. Payback Period Years