Sunland Corporation is considering purchasing a new delivery truck. The truck has many advantages over the compary/s current truck (not the least of which is that it runs). The new truck would cost $55,500, Because of the increased capacity, reduced maintenance costs, and increased fuel economy, the new truck is ecpected to generate cost savings of $7,400. At the end of 8 years, the company will sell the truck for an estimated \$27,000. Traditionally the company has used a rule of thumb that a proposal should not be accepted unless it has a payback period that is less than 50% of the asset's estimated useful life. Larry Newton, a new manager, has sugested that the company should not rely solely on the payback approach, but should also employ the net present value method when evaluating new projects, The company's cost of capital is 8% Click here to view pv table. (a) Compute the cash payback period and net present value of the proposed investment. (ff the net present value is negative, use eilher a nesothe sign preceding the number es -45 or porantheses eg (45). Round answer for present value to 0 decimal ploces, es. 125. Round answer for Payback period to 1 decimal piocs, es 10 , 5. For calculation purposes, use 5 decimal ploces as displayed in the factor table provided) Cash paybackperiod years (b) Does the project meet the compory's cashosyback criteria? Does it meet the net present value criteria for acceptance