The Sheffield Company is planning to purchase $574,400 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 Proiected Cash Flows $238,000 168,600 123,400 88,800 88,800 52,500 52,500 $812,600 Year 2 3 4 5 6 Total (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. Payback period (b) If Sheffield requires a payback period of three years or less, should the company make this investment? The company years and months. make this investment