Legend service center just purchased an automobile hoist for $34,300. the hoist has an 8-year life and an estimated salvage value of $3,900. installation costs and freight charges were $3,380 and $880, respectively. legend uses straight-line depreciation. the new hoist will be used to replace mufflers and tires on automobiles. legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week. each muffler sells for $76 installed. the cost of a muffler is $40, and the labor cost to install a muffler is $14.(a)compute the cash payback period for the new hoist. (round answer to 2 decimal places, e. g. 10.50.)cash payback period legend service center just purchased an automobileyears(b)compute the annual rate of return for the new hoist. (round answer to 1 decimal place, e. g. 10.5.)annual rate of return legend service center just purchased an automobile%