Requirement $1.$ What would the payback period be on a

French Fry King robot used for food preparation? $($Round your answer

to two decimal places.$)$

ADDITIONAL INFORMATION:

A former French Fry KingFrench Fry King USA$$ CEO, Chris WeberChris Weber$,$ said that purchasing a $$34,000$ robotic arm would be cheaper than paying$$ fast$-$food workers $$11$ per hour for food preparation tasks like bagging french fries.

To test the former$$ CEO's assertion using a hypothetical$$ example, make the following$$ assumptions:

a$.$

For the cost of the hourly$$ workers, use a total wage rate of $$13$ per hour to reflect payroll taxes$($the hourly wage rate used here is higher than $$11$ since payroll taxes can add$15\%$ or more to the hourly wage$$ rate$).$

b$.$

Assume that freight and installation for the$$ robot's initial placement in a French Fry KingFrench Fry King restaurant will be a$$ one$-$time cost of $$5,500.$

c$.$

The robot will require annual maintenance service. Assume an annual service contract is required that costs $10\%$ of the original robot cost including the original$$ freight$/$installation$.$

d$.$

Assume that the robot will replace $13$ employee hours per$$ day, $360$ days per year$($the robot will$$ not, at least$$ initially, be as versatile as a person and cannot fully eliminate all food prep workers at this$$ point$).$

e$.$

Electricity and supplies consumed by the robot will be assumed to be $$1,800$ per year.