Required information Exercise 14-8 (Algo) Payback Period and Simple Rate of Return [LO14-1, LO14-6] [The following information applies 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 $720,000, have a fifteen-year useful life, and have a total salvage value of $72,000. The company estimates that annual revenues and expenses associated with the games would be as follows: xercise 14-8 Part 1 (Algo) equired: Compute the payback period associated with the new electronic games. Assume that Nick's Novelties, Incorporated, will not purchase new games unless they provide a payback period of five years or iss. Would the company purchase the new games? Complete this question by entering your answers in the tabs below