also whats the machines annaul rate of return

Martinez Doggy, Inc. produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped for machines and found that the machine he wants will cost $247,800. In addition, Austin estimates that the new machine will increase the company's annual net cash flows by $40,000. The machine will have a 12 -year useful life and no salvage value. (a) Calculate the cash payback period, (Round answer to 2 decimal places, eg. 15.21.) Cash payback period eTextbook and Media Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above