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$($a$)$

Determine the cash payback period. $($Round cash payback period to $2$ decimal places, e$.$g$.10\mathrm{.}53.)$

Cash payback period

years

$($b$)$

Determine the approximate internal rate of return. $($Round answer to $0$ decimal places, e$.$g$.13\%.$ For calculation purposes, use $5$ decimal places as displayed in the factor table provided.$)$

Internal rate of return

$($c$)$

Assuming the company has a required rate of return of $8\%,$ determine whether the new machine should be purchased.

The investment

be accepted.