please help with the following question and show a detailed solution, thank you!

Hughie Inc. plans to purchase a new truck. The truck costs $98,000 and is expected to have a useful life of eight years, with a residual value of 58,500. Savings in cash operating costs are expected to be 531,250 per year. However, additional working capital of $10,000 is needed to keep the machine running efciently. This working capital will be released at the end of the project. Hughie's required rate of return is 14%. 1.What is the project's payback? If Hughie has a policy of only accepting projects that payback within four years, would this project be accepted? 2.Calculate the net present value ofthis project and make a recommendation to Hughie as to whether they should purchase the new truck