Exercise $24-1($Algo$)$ Payback perlod, equal cash flows, and depreclatlon adjustment LO P$1$

Information for two alternative projects involving machinery investments follows. Project $1$ requires an initial investment of $$258\mathrm{.}500.$

Project $2$ requires an initial investment of $$192,000.$

$($a$)$ Compute each project's annual net cash flow.

$($b$)$ Compute payback period for each investment.

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Compute each project's annual net cash flow.