The Novak Company is planning to purchase $502,100 of equipment with an estimated seven-year life and no estimated salvagc value. The company has projected the following annual cash flows for the investment. Projected Cash Flows Year $193,500 141.500 94,500 79,200 79.200 45,000 45,000 Total $677.900 (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 Novak requires a payback period of three years or less, should the company make this investment? The company ake this investment. should should not