Lesend Service Center just purchased an automobile hoist for $32,200. The hoist has an 8 -year life and an estimated salvage value of $4,000. Installation costs and freight charges were $3,500 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 his mechanics to replace 5 extra mufflers per week. Each muffler sells for $69 installed. The cost of a muffler is $37, and the labor cost to install a mutfler is $12 (a) Compute the cash payback period for the new hoist. Cash payback period years (b) Colimpute the annual rate of return for the new hoist. (Round answer to 2 decimal pioces, es. 10.52% ) Annual rate of return \&