Required: 1a. Compute the payback period for the equipment. 1b. If the company requires a payback period of four years or less, would the equipment be purchased? 2a. Compute the simple rate of return on the equipment. Use straight-line depreciation based on the equipment's useful life: 2b. Would the equipment be purchased if the company's required rate of return is 16% ? Complete this question by entering your answers in the tabs below. Compute the payback period for the equipment. (Round your answer to 1 decimal placn.)