A piece of labor-saving equipment has just come onto the market that Mitsui Electronics, Limited, could use to reduce costs in one o 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 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 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.)