Exercise 128 (Algo) Payback Period and Simple Rate of Return [LO12-1, L012-6] [The following infonmation applles to the questions disployed below.) Nick's Noveities, Incorporated, is consldeting the purchase of new electronic games to place in its amusement houses The games would cost a total of $432,000, have a fifteen-year useful life, and have a total salvoge value of $43,200. The compary estimates that anaual revenues and expenses associated with the games would be as follows: Exercise 12-8 Part 1 (Algo) Required: Ta. Compute the payback period associated with the new electronic games. 1b. Assume that Nick's Novelties, incorporated, will not purchase new games unless they prowide a payback period of five years or less. Would the company purchase the new games? Complete this question by entering your answers in the tabs below. Compute the payback period associated with the new electronic pames