Corn 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 $250,000. In addition, Austin estimates that the new machine will increase the company's annual net cash flows by $38,500. The machine will have a 12-year useful life and no salvage value. TABLE 4 Present Value of an Annuity of 1 (n) Payments 4% 12345n on 90 6 7 8 10 11 12 12 13 14 15 16 17 18 19 20 5% 6% .96154 .95238 94340 1.88609 1.85941 1.83339 2.77509 2.72325 2.67301 3.62990 3.54595 3.46511 4.45182 4.32948 4.21236 5.24214 5.07569 4.91732 6.00205 5.78637 5.58238 6.46321 6.20979 6.73274 7.10782 6.80169 7.72173 7.36009 8.30641 7.88687 8.86325 8.38384 8.76048 9.38507 9.98565 9.39357 8.85268 10.56312 9.89864 9.29498 11.11839 10.37966 9.71225 7% 8% 9% 11% 12% 15% .89286 .86957 10% 0.93458 .92593 91743 .90909 .90090 1.80802 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2.62432 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.38721 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.78448 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 4.16042 5.97130 5.74664 5.53482 5.33493 5.14612 4.96764 4.48732 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 4.77158 7.02358 6.71008 6.41766 6.14457 5.88923 5.65022 5.01877 7.49867 7.13896 6.80519 6.49506 6.20652 7.94269 7.53608 7.16073 6.81369 6.49236 8.35765 7.90378 7.48690 7.10336 6.74987 8.74547 8.24424 7.78615 7.36669 6.98187 6.62817 5.72448 9.10791 8.55948 8.06069 7.60608 7.19087 6.81086 5.84737 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 5.95424 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 6.04716 10.82760 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 6.12797 11.158121 10.33560 9.60360 8.95012 8.36492 7.83929 7.36578 6.19823 11.46992 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 6.25933 7.43533 8.11090 11.65230 10.83777 10.10590 12.16567 11.27407 10.47726 12.65930 11.68959 13.13394 12.08532 13.59033 12.46221 5.93770 5.23371 6.19437 5.42062 6.42355 5.58315 (a) Calculate the cash payback period. (Round answer to 2 decimal places, e.g. 15.21.) Cash payback period years