Legend Service Centerjust purchased an automobile hoist for $35,100. The hoist has an 8-year life and an estimated salvage value of $3,?60.

Legend Service Centerjust purchased an automobile hoist for $35,100. The hoist has an 8-year life and an estimated salvage value of $3,?60. Installation costs and freight chargeswere $4,130 and $180, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 6 extra mufflers per week. Eachmuffler sells for $?1 installed. The cost of a muffler is $38, and the labor oost to install a muffler is $14. (3) Compute the cash payback period for the new hoist. {Round answer to 2 decimal places e.g. 10.50.)Cash payback period years (‘3) Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, 2.9. 10.5.) Annual rate of return a,”

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