Exercise 24-1 Uinkin 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 $57,500 Because of the increased capacity, reduced maintenance costs, and increased fuel economy, the new truck is expected to generate cost sevings of $7,400. At the end of 8 years the company will sell the truck for an estimated $27,700. Traditionally the company has used a rule of thumb thet a proposal should not be accepted unless it has a payback period that is less than 50% of the asset's estimeted useful life. AT Y Ne ton, a new manager, has ggested that the company should not rely solely on the payback approach but should also e ploy the net Present value method when evaluating e projects. The company's cost of capital is % Click here to xien PV table. Compute the cash peyback period and net present value of the proposed investment.(If the net present value is negative, use either a negative sign preceding the number eg 4S or parentheses eg (45). Round answer for present value to 0 decimal places, e.g. 125. Round answer for Payback peried to 1 decimal place,g. 10.5 For calculation purposes, use 5 decmal places displayed in the factor table provided.) Cash payback period Net present value Does the project meet the company's cash payback criteria? Does it meet the net present value criteria for acceptance