Martinez Doggy, Inc. produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped for machines and found that the machine he wants will cost $247,800. In addition, Austin estimates that the new machine will increase the company's annual net cash flows by $40,000. The machine will have a 12-year useful life and no salvage value. Click here to view PV tables. (a) Your answer is correct. Calculate the cash payback period. (Round answer to 2 decimal places, e.g. 15.21.) Cash payback period 6.20 years

Martinez Doggy, Inc, produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped for machines and found that the machine he wants will cost $247,800. In addition, Austin estimates that the new machine will increase the company's annual net cash flows by $40,000. The machine will have a 12-year useful life and no salvage value. Click here to view PV tables. (a) Your answer is correct. Calculate the cash payback period. (Round answer to 2 decimal places, e.8. 15.21.)