Bailey, Inc., is considering buying a new gang punch that would allow them to produce circuit boards more efficiently. The punch has a first cost of $100,000 and a useful life of 15 years. At the end of its useful life, the punch has no salvage value. Labor costs would increase $2,000 per year using the gang punch, but raw material costs would decrease $12,000 per year. MARR is 5 %/year. Click here to access the TVM Factor Table Calculator Parta What is the discounted payback period for this investment? years Carry all interim calculations to 5 decimal places and then round your final answer to the nearest year. The tolerance is 11