Question 2 (10 Marks) A business is considering a proposal to install a new device in their small factory. The device costs $23,000 and will save the business $400 per month in expenses. Assume that the device will last for 8 years, that the savings remain constant and are at the end of each month. The first saving commences in one month from now. The effective annual interest rate is 12.6825%, and the effective monthly interest rate is 1%. a) Calculate the Net Present Value (NPV) of the proposal. (4 marks) b) Calculate the payback period for the device (in years to two decimal places)