Laramie Service Center just purchased an automobile hoist for $16,900. The hoist has a 5 -year life and an estimated salvage value of $1,250. Installation costs were $3.770, and freight charges were $960. Laramie uses straight-line depreciation The new hoist will be used to replace mufflers and tires on automobiles. Laramie estimates that the new hoist will enable his mechanics to replace four extra mufflers per week. Each muffler sells for $85 installed. The cost of a muffler is $46, and the labor cost to installa muffler is $13. Compute the payback period for the newhoist. (Round answer to O decimal places, es. 125.) Cash payback period years Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e. . 15.2.) Annual rate of return eTextbook and Media