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 Annual cost savings that will be provided by the equipment Life of the equipment 392,000 80,000 10 years Required: 1-a. Compute the payback period for the equipment. Payback Period Choose Numerator: / Choose Denominator: Payback Period Payback period / / years