Crane Corporation is considering purchasing a new delivery truck. The truck has many advantages over the company's current truck Inot the least of which is that it runs). The new truck would cost $55.440. Because of the increased capacity, reduced maintenance costs, and increased fuel economy, the new truck is expected to generate cost savings of $8.400 At the end of years, the company will sell the truck for an estimated $27,700. Traditionally the company has used a rule of thumb that a proposal should not be accepted unless it has a payback period that is less than 50% of the assets estimated useful lift Larry Newton, a new manager, has suggested that the company should not rely solely on the payback approach but should also employ the net present Value method when evaluating new projects. The company's cost of capitalis 8% Click here to view PV table (a) Compute the cash payback period and net present value of the proposed investment of the net present value is negative use either a negative sin preceding the number 45 or parentheses (451. Round answer for present you to decimal places 125. Round answer for Payback period to 1 decimal place, x 10.5. For calculation purposes, use 5 decimal places as displayed in the factor table provided) Cash payback period years Net present value $ (b) Does the project meet the company's cash payback criteria? v Yes NO DOT merchent present value criteria for acceptance! 7