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Legend Service Center just purchased an automobile hoist for $32, 800. The hoist has an 8-year life and an estimated salvage value of $3, 380. Installation costs and freight charges were $3, 580 and $730, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week. Each muffler sells for $76 installed. "The cost of a muffler is $40, and the labor cost to install a muffler is $15. Compute the cash payback period for the new hoist. Compute the annual rate of return for the new hoist