The Concord lCompanyr is planning to purchase $599,750 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual ca sh ows for the investment. Year Projected Cash Flows 1 $256,600 2 15 1,500 3 119,200 4 62,100 5 62,100 6 41,800 TI" 41,800 Total $? 35,100 (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. Payback period 4 years and months. (b) If Concord requires a payback period of 4 years or less, should the company make this investment? The company should not v make this investment