Grantham Mills is considering purchasing a new double cab. The double cab has many advantages over the company's current double cab (not the least of which is that it runs). The new double cab would cost $56,420. Because of the increased capacity, reduced maintenance costs, and increased fuel economy, the new double cab is expected to generate cost savings of $9,100. At the end of eight years, the company will sell the double cab for an estimated $28,300. Usually, the company has used a general rule that it should not accept a proposal unless it has a payback period that is less than 50% of the asset's estimated useful life. James, a new manager, has suggested that the company should not rely only on the payback approach but should also use the net present value method when evaluating new projects. The company's cost of capital is 8%.

Calculate the cash payback period and net preset value of the proposed investment.