x Your answer is incorrect. Try again. Bramble Service Center just purchased an automobile hoist for $31,200. The hoist has an 8-year life and an estimated salvage value of $3,330. Installation costs and freight charges were $3,830 and $890, respectively. Bramble uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Bramble estimates that the new hoist will enable his mechanics to replace 6 extra mufflers per week. Each muffler sells for $72 installed. The cost of a muffler is $38, and the labor cost to install a muffler is $14. Compute the cash payback period for the new hoist. (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period 5.23 years Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5) Annual rate of return 32.3 Click if you would like to Show Work for this question: Open Show Work