Explain payback method for project management with following example: Due to increased demand, the management of Rani Beverage Company is considering to purchase a new equipment to increase the production and revenues. The useful life of the equipment is 10 years and the companys maximum desired payback period is 4 years. The inflow and outflow of cash associated with the new equipment is given below: Initial cost of equipment: $37,500 Annual cash inflows: Sales: $75,000 Annual cash Outflows: Cost of ingredients: $45,000 Salaries expenses: $13,500 Maintenance expenses: $1,500 Non cash expenses: Depreciation expense: $5,000 Required: Should Rani Beverage Company purchase the new equipment? Use payback method for your answer. Please calculate and find answer detailly step by step because I want to understand how calculate this type of exercises. And please dont put answers of other experts which answered this question before I asked you.