Required Information Exercise 14-8 (Algo) Payback Period and Simple Rate of Return [LO14-1, L014-6] [The following information applies to the questlons displayed below.] Nick's Noveltles, Incorporated, is considering the purchase of new electronic games to place in Its amusement houses. The games would cost a total of $320,000, have a fifteen-year useful life, and have a total salvage value of $32,000. The company estimates annual revenues and expenses assoclated with the games as follows: Exercise 14-8 Part 1 (Algo) Required: a. Compute the payback perlod assoclated with the new electronic games. b. Assume Nick's Novelties, Incorporated, will not purchase new games unless they provide a payback perlod of five years or less. Vould the company purchase the new games? Complete this question by entering your answers in the tabs below. Compute the payback period associated with the new electronic games
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