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[The following information applies to the questions displayed below.] Nick's Novelties, Inc., is considering the purchase of new electronic games to place in its amusement houses. The games would cost a total of $380,000, have an eight-year useful life, and have a total salvage value of $38,000. The company estimates that annual revenues and expenses associated with the games would be as follows: Revenues $300,000 Less operating expenses: Commissions to amusement $60,000 houses Insurance 65,000 Depreciation 42,750 Maintenance 80,000 247,750 Net operating income $ 52,250 2. value: Required information 5.00 points Required: la. Compute the pay back period associated with the new electronic games. Payback Period Choose Numerator: / Choose Denominator: = Payback Period Payback period years 1b. Assume that Nick's Novelties, Inc., will not purchase new games unless they provide a payback period of 10 years or less. Would the company purchase the new games? Yes No References eBook & Resources Worksheet Learning Objective: 11-01 Determine the payback period for an investment. Difficulty: 1 Easy Learning Objective: 11-04 Compute the simple rate of return for an investment. Check my work 3 value Required information 10.00 points 2a. Compute the simple rate of return promised by the games. (Round your answer to 1 decimal place. i.e. 0.123 should be considered as 12.3%.) Simple rate of return % 2b. If the company requires a simple rate of return of at least 12%, will the games be purchased? Yes No