2 Quip Corporation wants to purchase a new machine for $300,000. Management predicts that the machine will produce sales of $200,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $80,000 per year. The firm uses straight -line depreciation with an assumed residual (salvage) value of $50,000. Quip's combined income tax rate, t, is 40%. Management requires a minimum of 10% return on all investments. What is the approximate present value payback period. rounded to one-tenth of a year? (Note: PV $1 factors for 10% are as follows: year 1-0.909; year 2-0.826-year 3-0.75% year 4 0.683; year 5-o.621; the PV annuity factor for 10%, 5 years-3791) Assume that annual after-tax cash inflows occur evenly throughout the year Multiple Choice 2 3.6 years. 4.8 years. 4.1 years. 2.5 years. 3.0 years