Exercise 13-20 (Part Level Submission)Dryden Service Centre just purchased an automobile hoist for $18,600. The hoist has a five-year life and an estimated salvage value of $1,400. Installation costs and freight charges were $3,900 and $900, respectively. Dryden uses straight-line depreciation.The new hoist will be used to replace mufflers and tires on automobiles. Dryden estimates that the new hoist will enable its mechanics to replace 5 extra mufflers per week. Each muffler sells for $75, installed. The cost of a muffler is $35, and the labour cost to install a muffler is $15.(a)Calculate the payback period for the new hoist. (Round answer to 2 decimal places, e.g. 15.25.)b) Calculate the annual rate of return for the new hoist (round to one decimal)
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