Your answer is partially correct. Sunland Inc. wants to purchase a new machine for $34,600, excluding $1,300 of installation costs. The old machine was purchased 5 years ago and had an expected economic life of 10 years with no salvage value. The old machine has a book value of $1,900, and Sunland Inc. expects to sell it for that amount. The new machine will decrease operating costs by $7,800 each year of its economic life. The straight-line depreciation method will 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 4.35 years (b) Determine the approximate internal rate of return. (Round answer to O decimal places, eg. 13%. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Internal rate of return 7.95 % (c) Assuming the company has a required rate of return of 8%, determine whether the new machine should be purchased. The investment should be accepted.