Legend Service Center just purchased an automobile hoist for $27,400. The hoist has an 8 -year life and an estimated salvage value of $3,700. Installation costs and freight charges were $4,300 and $800, respectively, Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week. Each muffler sells for $74 installed. The cost of a muffler is $36, and the labor cost to install a. mutfler is $13. (a) Compute the cash payback period for the new hoist. Cash payback period years (b) Compute the annual rate of return for the new hoist. (Round answer to 2 decimal places, es. 10,52\%.) Annual rate of return