please solve, i have less time

SECTION A Note: Attempt all questions. Each question carries 5 marks. (10M) 1. What is the decision criteria for Payback Period (PBP) method? A construction company is considering the purchase of a new piece of equipment Relevant information concerning the equipment follows: Cost of the equipment $220,000 Annual cost savings from new equipment $44,000 Life of the new equipment 10 years Compute the payback period for the equipment. If the company requires a payback period of five years or less, would the equipment be purchased