Oriole Inc. wants to replace its current equipment with new high-tech equipment. The existing equipment was purchased 5 years ago at a cost of $127,000. At that time, the equipment had an expected life of 10 years, with no expected salvage value. The equipment is being depreciated on a straight-line basis. Currently, the market value of the old equipment is $43,200. The new equipment can be bought for $174,400, including installation. Over its 10-year life, it will reduce operating expenses from $190,800 to $147,600 for the first six years, and from $201,900 to $193,300 for the last four years. Net working capital requirements will also increase by $20,000 at the time of replacement. It is estimated that the company can sell the new equipment for $24,000 at the end of its life. Since the new equipment's cash flows are relatively certain, the project's cost of capital is set at 9%, compared with 15% for an average-risk project. The firm's maximum acceptable payback period is 5 years. Click here to view the factor table. Calculate the project's cash payback period. (Round answer to 2 decimal places, e.g. 15.25.) Cash payback period years eTextbook and Media Attempts: 0 of 4 used (C) The parts of this question must be completed in order. This part will be available when you complete the part above