Mitsui Electronics, Limited, is considering buying a labor$-$saving pierce of equipment and provided the following data:Purchase cost of the equipmentAnnual cost savings that will be providedby the equipmentLife of the equipment$ $538,038$$ $168,60018$ yearsRequired:$1$a$.$ Compute the payback period for the equipment$\mathrm{.}1$b$.$ If the company requires a payback period of four years or less, would it buy the equipment?$2$a$.$ Compute the simple rate of return on the equipment. Use straight$-$line depreciation based on the equipment's useful life$2$b$.$ Would the company buy the equipment if its. required rate of return is $15\%?$Complete this question by entering your answers in the tabs below.Required $1$ARequired $1$BRequired $2$A Required $2$BCompute the payback period for the equipment.Note: Round your answer to $1$ decimal place.Payback PeriodrearsRequired $1$B$>$