A production company is considering purchase of an advanced inventory system software to enhance productivity. The initial cost of the software is $250,000 but is expected to result in ethiciency savings of $70,000 the first year, with this amount decreasing by $10,000 per year thereafter. Assume that MARR is 8% and the total life of the software is 8 years. What is the payback period for the software?" CED for the whole coject required. Enter your answer as 123 Grading Criteria CFD: 1.00 points Setup: 1.00 points Calculations: 0.50 points Answer: 0.25 points Statement: 0.25 points