Novak Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment: Old Equipment New Equipment Cost $80,800 Cost $38,600 Accumulated depreciation $40,400 Estimated useful life 8 years Remaining life 8 years Salvage value in 8 years $4,600 Current salvage value $10,440 Annual cash operating costs $30,200 Salvage value in 8 years $0 Annual cash operating costs $36,000 Depreciation is $10,100 per year for the old equipment. The straight-line depreciation method would be used for the new equipmer over an eight-year period with salvage value of $4,600. (a) Determine the cash payback period. (Ignore income taxes.) (Round answer to 3 decimal places, eg. 15.275) Cash payback period years