Jefferson Labs, a taxpaying entity, estimates that it can save $29,000 a year in cash operating costs for the next 8 years if it buys a special-purpose eye-testing machine at a cost of $115,000. No K terminal disposal value is expected. Jefferson Labs' required rate of return is 12%. Assume all cash flows occur at year-end except for initial investment amounts. Jefferson Labs uses straight-line depreciation. The income tax rate is 38% for all transactions that affect income taxes. Present Value of $1 table Present Value of Annuity of $1.table Future Value of $1 table Future Value of Annuity of $1 table Read the requirements Requirement 1. Calculate the following for the special-purpose eye-testing machine a. Net present value (NPR) (Round interim calculations and your final answers to the nearest whole dollar. Use a minus sign or parentheses for a negative net present value) The net present value is 1,465 b. Payback period (Round your answer to two decimal places.) The number of years for the payback period is