Sunland Inc. wants to purchase a new machine for $$34,600,$ excluding $$1,300$ of

installation costs. The old machine was purchased $5$ years ago and had an expected

economic life of $10$ years with no salvage value. The old machine has a book value of

$$1,900,$ and Sunland Inc. expects to sell it for that amount. The new machine will decrease

operating costs by $$7,800$ each year of its economic life. The straight$-$line depreciation

method will be used for the new machine for a $6-$year period with no salvage value.

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$($a$)$

Determine the cash payback period. $($Round cash payback period to $2$ decimal

places, e$.$g$.10\mathrm{.}53.)$

Cash payback period

years