Question 9 of 12 - /4 E : The Flounder Company is planning to purchase $589,600 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. Year Projected Cash Flows 1 $216,000 N 164,500 W 119,500 4 76,800 UT 76,800 6 50,500 J 50,500 Total $754,600 (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 Flounder requires a payback period of 4 years or less, should the company make this investment? The company V make this investment. should not should eTextbook and Media