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Basic Payback Period and Simple Rate of Return Computations [L013-1, L013-6] A piece of laborsaving equipment has just come onto the market that Mitsui Electronics, Ltd., could use to reduce costs in one of its plants in Japan. Relevant data relating to the equipment follow: Required: Compute the payback period for the equipment. lf the company requires a payback period of four years or less, would the equipment be purchased? Yes No Compute the simple rate of return on the equipment. Use straight-line depreciation based on the equipment's useful life. Would the equipment be purchased if the company's required rate of return is 15%? Yes No