The Concord Company is planning to purchase $542,000 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment. Projected Cash Year Flows 1 $207,000 2 157,000 3 112,000 52,800 52,800 ON 37,000 37,000 Total $655,600 (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year, Payback period years and months. (b) If Concord requires a payback period of 4 years or less, should the company make this investment? The company make this investment