Exercise 24-9 Your answer is partially correct. Try again. Legend Service Center just purchased an automobile hoist for $31,600. The hoist has an 8-year life and an estimated salvage value of $3,090. Installation costs and freight charges were $3,930 and $800, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 7 extra mufflers per week. Each muffler sells for $73 installed. The cost of a muffler is $39, and the labor cost to install a muffler is $12. (a) Compute the cash payback period for the new hoist. (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period 1 4 .54 years (b) Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5.) Annual rate of return 13.3 Click if you would like to Show Work for this question: Open Show Work Brief Exercise G-19 If Colleen Mooney invests $3,359.83 now and she will receive $10,300 at the end of 13 years, what annual rate of interest will Colleen earn on her investment? (Hint: Use Table 3.) (Round answer to o decimal places, e.g. 25%.) Click here to view the factor table Future Value of 1 Click here to view the factor table Future Value of an Annuity of 1 Click here to view the factor table Present Value of 1 Click here to view the factor table Present Value of an Annuity of 1 (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Annual rate of interest Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT