Current Attempt in Progress Carla Vista Corporation is considering purchasing a new delivery truck. The truck has many advantages over the company's current truck (not the least of which is that it runs). The new truck would cost $55,040. Because of the increased capacity, reduced maintenance costs, and increased fucl cconomy, the new truckis expected to generate cost savings of $8,600. At the end of 8 years. the company will sell the truck for an estimated $28,400. Traditionally the company has used a rule of thumb that a proposal should not be accepted unlessit has a payback period that is less than 50% of the asset's estimated useful life. 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 cornpany's cost of capital is 8%. Click here to view the factor table. (a) Compute the cash payback period and net present value of the proposed ipvestment, (ff the net present value is negative, use either a negative sign preceding the number eg 45 or parentheses e8 (45). Round answer for present valie to 0 dedmal ploces, 6.125 . Round answer for Poybock period to 1 decimal place, eg. 10.5. For calculation purposes, use 5 decimol ploces as displayed in the foctor table provided.) Cash payback period years Netpresent value 3 Does the project meet the company's cash payback criteria? Does it meet the net present value criteria for acceptance