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 $320,000, have a fifteen-year useful life, and have a total salvage value of $32,000. The company estimates that annual revenues and expenses associated with the games would be as follows: Exercise 12-8 Part 1 (Algo) Required: a. Compute the payback period associated with the new electronic games. b. Assume that Nick's Novelties, Incorporated, will not purchase new games unless they provide a payback period of five years or ess. Would the company purchase the new games? Compute the payback period associated with the new electronic games