Help on second part please!

Exercise 16-9 Your answer is partially correct. Try again. Pronghorn Service Center just purchased an autormobile hoist for $34,100. The hoist has an 8-year life and an estimated salvage value of $3,900 Insta lation costs and freight charges were $4,060 and S800, respectively. Pronghorn uses straight-line depreciation. The new hoist will be used to replace muflers and tires on automobiles. Pronghorn estimates that the new hoist will enable his mechanics to replace 7 extra mutflers per week. Each muftler sells for $73 instaled. The cost of a mutfler is $39, and the labor cost to insta a muffler is $16 Compute the cash payback period for the new hoist. (Round answer to 2 decimal places, e.g. 10.50) Cash payback period 5.95 years Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5.) Annual rate of retum 11.1 Click if you would like to Show Work for this question: Open Show Work