Current Attempt in Progress The Grouper Company is planning to purchase $536,000 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment. Projected Cash Flows Year $219,000 167,000 122,000 67,200 67,200 53,000 53,000 Total $748,400 (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. months. Payback period years and (b) If Grouper requires a payback period of three years or less, should the company make this investment? The company make this investment