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Cullumber Inc, wants to purchase a new machine for $31,420, excluding $1,300 of installation costs. The old machine was purchased 5 vears ago and had an expected economic llfe of 10 years with no salvage value. The ofd machine has a book value of $2,200, and Cullumber Inc. expects to sellit for that amount, The new machine will decrease operating costs by $7,000 each year of its economic life. The stroight line depreciation method will be used for the new machine for a 6 -year period with no salvage value. Crick here to view PV table. (a) Dezermine the cash payback period, (Round cash payback period to 2 decimal ploces, es. 10.53) Cash paybackperiod years (b) Determine the approximate internal rate of return. (Round answer to 0 decimal ploces, es. 13% For calculation purposes, use 5 decimal places as disploved in the foctor table provided) Internal rate of retura % Assuming the company has a required rate of return of 8%. determine whether the new machine should be purchased. The investment be accepted