Pharaoh Service Center just purchased an automobile hoist for $32,200. The hoist has an 8-year life and an estimated salvage value of $4,000. Installation costs and freight charges were $3,500 and $700, respectively. Pharoah uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Pharoah estimates that the new hoist will enable its mechanics to replace 5 extra mufflers per week. Each muffler sells for $69 installed. The cost of a muffler is $37, and the labor cost to install a muffler is $12. (a) Compute the cash payback period for the new hoist. Cash payback period years (b) compute the annual rate of return for the new hoist