Sun Coast Tours is considering purchasing a new boat for use in its tour business. Relevant information concerning the boat is as follows: (Ignore income taxes.) Purchase cost Annual net cash inflows that will be provided by the boat Life of the boat $ 232, 000 $ 55,000 14 years Required: 1-a. Compute the payback period for the boat. (Round your answer to 1 decimal place.) Answer is complete and correct. Payback period 4.2 year(s) 2-a. Compute the simple rate of return on the boat. Use straight-line depreciation based on the boat's useful life, assuming $13,600 salvage value. (Round your answer to 1 decimal place.) X Answer is complete but not entirely correct. Simple rate of return 17.0 X %