Legend Service Center Just purchased an automobile hoist for $34,700. The hoist has an 8-year life and an estimated salvage value of $3,800. Installation costs and freight charges were $3,600 and $700, 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 is mechanics to replace 5 extra mufflers muffler sells for $72Installed. The cost of a muffier is $35, and the labor cost to install a muffler is $12. week. Each Compute the cash payback period for the new holst. Cash payback period years (b) Compute the annual rate of return for the new holst. (Round answer to 2 decimal places, .0. 10.529.) Annual rate of retum Type here to search Is 6:48 PM 6/20/2010