E$25\mathrm{.}6($LO $1,4),$ AN BSU Inc. wants to purchase a new machine for $$29,300,$ excluding $$1,500$ 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 $$2,000,$ and BSU Inc. expects to sell it for that amount. The new machine will decrease operating costs by $$7,000$ each year of its economic life. The straight$-$line depreciation method will be used for the new machine for a $6-$year period with nosalvage value.Instructionsa. Determine the cash payback period.b$.$ Determine the approximate internal rate of return.c$.$ Assuming the company has a required rate of return of $10\%,$ state your conclusion on whether the new machine should be purchased.