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Oriole Inc. wants to replace its current equipment with new high$-$tech equipment. The existing equipment was purchased $5$ years ago at a cost of $\backslash (\backslash$$ $127,000\backslash ).$ At that time, the equipment had an expected life of $10$ years, with no expected salvage value. The equipment is being depreciated on a straight$-$line basis. Currently, the market value of the old equipment is $\backslash (\backslash$$ $43,200\backslash ).$ The new equipment can be bought for $\backslash (\backslash$$ $174,400\backslash ),$ including installation. Over its $10-$year life, it will reduce operating expenses from $\backslash (\backslash$$ $190,800\backslash )$ to $\backslash (\backslash$$ $147,600\backslash )$ for the first six years, and from $\backslash (\backslash$$ $201,900\backslash )$ to $\backslash (\backslash$$ $193,300\backslash )$ for the last four years. Net working capital requirements will also increase by $\backslash (\backslash$$ $20,000\backslash )$ at the time of replacement. It is estimated that the company can sell the new equipment for $\backslash (\backslash$$ $24,000\backslash )$ at the end of its life. Since the new equipment's cash flows are relatively certain, the project's cost of capital is set at $\backslash (9\backslash \%\backslash ),$ compared with $\backslash (15\backslash \%\backslash )$ for an average$-$risk project. The firm's maximum acceptable payback period is $5$ years. Click here to view the factor table.Calculate the project's cash payback period. $($Round answer to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$ Cash payback period years eTextbook and Media Attempts: $0$ of $4$ used $($C$)$ The parts of this question must be completed in order. This part will be available when you complete the part above.

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