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Problem 13-29A (Part Level Submission) Magna Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment. $38,080 Old Equipment Cost Accumulated depreciation Remaining life Current salvage value Salvage value in 8 years Annual cash operating costs 8 years New Equipment Cost Estimated useful life Salvage value in 8 years Annual cash operating costs $81,040 $40,800 8 years $10,000 $0 $35,900 $4,728 $29,200 Depreciation is $10,130 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value $4,728. (a) Determine the cash payback period (Ignore income taxes). (Round answer to 3 decimal places, e.g. 15.275.) Cash payback period 4.191 years