Legend Service Center just purchased an automobile hoist for $34, 100. The hoist has an 8-year life and an estimated salvage value of $3, 900. Installation costs and freight charges were $4, 060 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 7 extra mufflers per week. Each muffler sells for $73 installed. The cost of a muffler is $39, and the labor cost to install 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 years Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5.) Annual rate of return %