*Problem 9-28 Jewel Pix currently uses a six-year-old molding machine to manufacture silver picture frames. The company paid $85,000 for the machine, which was state of the art at the time of purchase. Although the machine will likely last anotherten years, it will need a $15,000 overhaul in three years. More important, it does not provide enough capacity to meet customer demand. The company currently produces and sells 10,000 frames per year, generating a total contribution margin of $50,000 Martson Molders currently sells a molding machine that will allow Jewel Pix to increase production and sales to 15,000 frames per year. The machine, which has a ten-year life, sells for $125,000 and would cost $9,000 per year to operate. Jewel Pix's current machine costs only $7,000 per year to operate. If Jewel Pix purchases the new machine, the old machine could be sold at its book value of $4,000. The new machine is expected to have a salvage value of $9,000 at the end of its ten-year life. Jewel Pix uses straight-line depreciation. Click here to view the factor table machine's net present value assuming a 14% discount rate For calculation purposes, use 4 decimal places as displayed in the factor table provided and round nal answer to 0 decimal place e calculate the new 58,971. Net present value Use Excel or a similar spreadsheet application to calculate the new machine's internal rate of return. (Round answer to 1 decimal place, e.g. 12.5% Internal rate of return Calculate the new machine's payback period. (Round answer to 2 decimal places, e.g. 1.25.) Payback period years