Ivanhoe 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 $57,720. Because of the increased capacity, reduced maintenance costs, and increased fuel economy, the new truck is expected to generate cost savings of $7,800. At the end of 8 years, the company will sell the truck for an estimated $28,200. Traditionally the company has used a rule of thumb that a proposal should not be accepted unless it has a payback period that is less than 50% of the asset's estimated usefull life. Larry Newton, a new manager. has suggested that the company should not rely solely on the payback approach. but should also employ the net present value method when evaluating new projects. The company's cost of capital is 8%. Clickhere to view the factor table. (a) Compute the cash payback period and net present value of the proposed investment. (if the net present value as negative, use eithera negative sign precedins the number es 45 or parentheses e (45). Round answer for present value to O decimal places, es. 125 . Round answer for Payback period to 1 decimal ploce es. 10 5. For calculation purposes, use 5 decimal ploces as disployed in the factor table provided) Cashpayback period Het present yalue of Does the project meet the company's cash payback criteria? Doesit meet the net present value criteria for acceptance