The plant manager of Jurassic Industries is considering the purchase of new automated assembly equipment. The new equipment will cost $$408,000.$ The manager believes that the new investment will result in direct labor savings of $$68,000$ per year for $10$ years.

a$.$ What is the payback period on this project? years

b$.$ What is the net present value, assuming a $15\%$ rate of return? Use the table provided below. If required, enter a negative net present value using a minus sign.

$\backslash$table$[[$Present Value of an Annuity of $$1$ at Compound Interest$],[$Year$,6\%,10\%,12\%,15\%,20\%$