The Swifty Company is planning to purchase $544,900 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. Year Projected Cash Flows $221,000 171,100 126,400 79,200 79,200 57,000 57.000 Total $790,900 (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. years and months. Payback period (b) If Swifty requires a payback period of three years or less, should the company make this investment? The company make this investment