Sun Coast Tours is considering purchasing a new boat for use in its tour business. Relevant information concerning the boat is as follows: (Ignore income taxes.) Purchase cost Annual net cash inflows that will be provided by the boat Life of the boat. Required: 1-a. Compute the payback period for the boat. (Round your answer to 1 decimal place.) Payback period $229,000 $ 51,000 4.5 year(s) Yes O No 12 years 1-b. If the company rejects all proposals with a payback period of more than five years, will the boat be purchased? 2-a. Compute the simple rate of return on the boat. Use straight-line depreciation based on the boat's useful life, assuming $13,300 salvage value. (Round your answer to 1 decimal place.) Simple rate of return % 2-b. Will the boat be purchased if the company's required rate of return is 10%? Yes O No