Question 3 The Bridgeport Company is planning to purchase $501,400 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment. Projected Cash Year Flows $205,000 155,500 110,500 45,600 45,600 38,500 38,500 $639,200 Total (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year Payback period years and months (b) If Bridgeport requires a payback period of three years or less, should the company make this investment? The company make this Investment. Click if you would like to Show Work for this question: Open Show Wor