Required information Exercise 12-8 (Algo) Payback Period and Simple Rate of Return [LO12-1, LO12-6] [The following information applles to the questions displayed below] Nick's Novelties, Incorporated, is considering the purchase of new electronic games to place in its amusement houses. The games would cost a total of $300,000, have a fifteen-year useful life, and have a total salvage value of $30,000. The company estimates that annual revenues and expenses associated with the games would be as follows: Exercise 12-8 Part 1 (Algo) Required: 1a. Compute the payback period associated with the new electronic games, 16. Assame that Nick's Noveltles, Incorporated, will not purchase new games unless they provide a payback period of five years or less. Would the company purchase the new games