The plant manager of Shenzhen Electronics Company is considering the purchase of new automated assembly equipment. The new equipment will cost $111,000. The manager believes that the new investment will result in direct labor savings of $37,000 per year for 10 years. Present Value of an Annuity of $1 at Compound Interest a. What is the payback period on this project? years b. What is the net present value, assuming a 10% rate of return? Use the table provided above. Round to the nearest whole dollar. Net present value $