A cannery is thinking about buying an automatic case$-$sealing machine to replace the current manual method. The machine costs $$5300$ and will be bought in June, just before the canning season starts. By using the machine, the company will save $$570$ each month for the $4$ months of the year that the plant operates. Maintenance costs for the machine are expected to be very low. The machine is expected to last for five canning seasons, after which it will have no value. What is the payback period for this investment $($years$)?$ What is the nominal $($r$)$ annual rate of return $($decimal form: $0\mathrm{.}1$ not $10\%)?$

Payback Period $($years$)$

Answer for part $1$

Nominal yearly interest rate $($r$)$