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. Year Projected Cash Flows 1 $207,000 2 157,000 3 112,000 4 52,800 5 52,800 6 37,000 7 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 v make this investment