Crane Inc. wants to purchase a new machine for $33,310, excluding $1,200 of installation costs. The old machine was purchased 5 years ago and had an expected economic life of 10 years with no salvage value. The old machine has a book value of $2,100, and Crane Inc. expects to sell it for that amount. The new machine will decrease operating costs by $7,000 each year of pes economic life. The straight-line depreciation method will be used for the new machine for a 6-year period with no salvage value! Click here to view the factor table. (a) Determine the cash payback period. (Round cash payback period to 2 decimal places, c.8. 10.53.) Cash payback period 4.63 years (b) Determine the approximate internal rate of return. (Round answer to O decimal places, e.g. 13%. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) 8.055 %6 Internal rate of return