Legend Service Center just purchased an automobile hoist for $35, 100. The hoist has an 8-year life and an estimated salvage value of $3, 760. Installation costs and freight charges were $4, 130 and $730, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mu Fflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 6 extra mu Fflers per week. Each mu Ffler sells for $71 installed. The cost of a mu Ffler is $38, and the labor cost to install a mu Ffler is $14. (a) Compute the cash payback period for the new hoist. (Round answer to 2 decimal places, e.g. 10.50.) (b) Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5.)