Stylish Home Company operates a number of home improvement stores in a metropolitan area. Stylish Home's management estimates that if it invests $310,000 in a new computer system, it can save $70,000 in annual cash operating costs. The system has an expected useful life of 8 years and no terminal disposal value. The required rate of return is 12%. Ignore income tax issues and assume all cash flows occur at year-end except for initial investment amounts. Present Value of $1 table Present Value of Annuity of $1 table Future Value of $1 table Future Value of Annuity of $1 table a. Calculate the payback period for the new computer system. (Abbreviations used: FV = future value; PV = present value. Use factor amounts rounded to three decimal places. Round your answers to the nearest whole dollar. Use a minus sign or parentheses for a negative net present value.) First, select the formula labels, then enter the amounts and calculate the payback period in years. Payback period = b. Calculate the discounted payback period for the computer system. Begin calculating the discounted payback period by completing the table to calculate the net initial investment unrecovered at the end of the year. (Enter all amounts as positive numbers. Round the discount factor to three decimal places, X.XXX. For amounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Cash Discount Discounted Cumulative discounted Net initial investment Year Savings factor cash savings cash savings unrecovered at end of year 0 1.000 1 2 3 4 5 6 7 8 Finally, using the completed table, calculate the discounted payback period. (Round your answer to two decimal places.) The discounted payback period is years