J\&M Manufacturing plans on purchasing a new assembly machine for $28,000 to automate one of its current manufacturing operations. It will cost an additional $3,500 to have the new machine installed. With the new machine, J\&M expects to save $12,000 in annual operating and maintenance costs. The machine will last five years with an expected salvage value of $6,000. (a) How long will it take to recover the investment (plus installation cost)? The payback period is years. (Round up to the nearest whole number.) (b) If J\&M's interest rate is known to be 16%, determine the discounted payback period. The discounted payback period is years. (Round up to the nearest whole number.)