Norberto Garcia, general manager of the Argentinean subsidiary of Innovation Inc., is considering the purchase of new industrial equipment to improve efficiency at its Cordoba plant. The equipment has an estimated useful life of eight years. The estimated cash flows for the equipment are shown in the table that follows, with no anticipated change in working capital. Innovation has an 18% required rate of return. Assume depreciation is calculated on a straight-line basis. Assume all cash flows occur at year-end except for initial investment amounts. (Click the icon to view the estimated cash flows for the equipment.) E (Click the icon to view the present value factor table.) E (Click the icon to view the present value annuity factor table.) Required Requirement 1. a. Calculate the NPV (net present value) of the new industrial equipment. (Round your answers to the nearest whole dollar. Use a minus sign or parentheses for a negative net present value.) Net Cash Total Present Annuity PV factor at i=18%, n=8 Inflow Value Net present value: Present value of annuity of equal annual net cash inflows 4.078 $ 45,000 per year $ 183,510 Net initial investment (140,000) $ 43,510 Net present value b. Calculate the investment's payback period. (Round your answer to two decimal places.) The payback period is years