Nick's Novelties, Incorporated, is considering the purchase of new electronic games to place in its amusement houses. The games would cost a total of $325,000, have a fifteen-year usefut life, and have a total salvage value of $32,500. The company estimates that annual revenues and expenses associated with the games would be os follows: Exercise 14-8 Part 1 (Algo) Required: 1a. Compute the payback period associated with the new electronic games. 1b. Assume that Nick's Novelties, Incorporated, will not purchase now games unless they provide a payback period of five years or less. Would the company purchase the new games? Complete this question by entering your answers in the tabs below. Compute the payback period associated with the new electronic games