Your company has the opportunity to purchase an asset that costs $40,000. The cost of capital is 8%. The asset is expected to increase net income by $12,000 in the first year, $17,000 in the second year, $9,000 in the third year, and $12,000 in the fourth year when the asset will be sold for $1,000. Based on this information, what is the payback period? What is the present value of the asset? Should this investment be made?