Question 4 (10) LabCorp laboratories needs to replace their current automated testing instruments. The new instruments will be cheaper to run in the long term and will result in an annual cash inflow over the economic lifetime of these machines. The details from the supplier of the 2 different automated instruments are as follow: Give a brief referenced description of each term then do the calculations and comment on your answers 4.1. Calculate the payback period of each instrument and recommended the instrument that should be chosen based on the payback period. 4.2. Using the ARR method, which instrument will be chosen based on the rate of return in investment? 4.3. Use the net present value method to determine which instrument LabCorp laboratories should choose