Sheridan Inc. wants to purchase a new machine for $28,095, excluding $1,400 of installation costs. The old machine was purchased 5 years ago and had an expected economic life of 10 years with no salvage value. This old machine now has a book value of $2,000, and Sheridan Inc. expects to sell it for that amount. The new machine would decrease operating costs by $6,500 each year of its economic life. The straight-line depreciation method would be used for the new machine, for a 6-year period with no salvage value. Click here to view PV table. (a) Determine the cash payback period. (Round cash payback period to 2 decimal places, e.g. 10.53.) Cash payback period years (b) Determine the approximate internal rate of return. (Round answer to 0 decimal places, e.g. 13%. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Internal rate of return % (c) Assuming the company has a required rate of return of 9%, determine whether the new machine should be purchased. The investment 4 be accepted