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Problem 13-29A Magna Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment. Old Equipment Cost Accumulated depreciation Remaining life Current salvage value Salvage value in 8 years Annual cash operating costs $80,000 $40,000 8 years $10,000 $0 $35,000 New Equipment Cost Estimated useful life Salvage value in 8 years Annual cash operating costs $38,000 8 years $4,496 $29,000 Depreciation is $10,000 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value $4,496. Determine the cash payback period (Ignore income taxes). (Round answer to 3 decimal places, e.g. 15.275.) Cash payback period years LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the annual rate of return. (Round answer to 2 decimal places, e.g. 15.25%.) Annual rate of retum