Payback comparisons Nova Products has a 5 -year maximum acceptable payback period. The firm is considoring the purchase of a now machine and must choose between two altemativos. The first machine requires an initial investment of $37,000 and generales annual after-tax cash infows of $7.000 for each of the next 7 years. The second machine recuires an initial investment of $17,000 and provides an annual cash infow ater taxes of $4,000 for 28 years. a. Determine the payback period for each machine. b. Comment on the acceptablity of the machines, assuming that they are independent projects. c. Which machine should the firm acoopt? Why? d. Do the machines in this problem lllustrate any of the weaknesses of using payback