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: elea a rlin ettonica Le Purchase cost of the equipment Annual cost savings that will be $522,000 provided by the equipment Life of the equipment $ 90,000 10 years Required: 1-a. Compute the payback period for the equipment. Payback Period Choose Numerator: Payback Period Payback period years Choose Denominator: 1-b. If the company requires a payback period of four years or less, would the equipment be purchased? O Yes O No