Cullumber Inc wants to purchase a new machine for $31,420, excluding $1,300 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 $2,200, and Cullumber Inc expects to sell it for that amount. The new machine will decrease operating costs by $7,000 each year of its 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 paybock period to 2 decimal places, es. 10.53.) Cash payback period years (b) Determine the approximate internal rate of return. (Round answer to 0 decimal places, es. 13\%. For colculation purposes, use 5 decimal places as displayed in the factor table provided.) Iriternal 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