8 Alpha Company is considering the purchase of a new machine that will improve efficiency of their production process and increase the quality of their product. The machine will have a five-year useful life and provide the following cash flows (assume all cash flows happen at the end of the year): Cash Flow Year 1: $240,000 Year 2: $288,000 Year 3: $432,000 Year 4: $264,000 Year 5: $204,000 The machine will require maintenance at the end of year three which will cost the firm $87,750. At the end of five years, the firm can sell the machine for salvage for $58,500. The machine costs $585,000 and the firm's discount rate is 14.0 % What is the payback period for the new machine? Click here to view Exhibit 7B-1 or Exhibit 78-2, to determine the appropriate discount factor(s) using tables. Round your answer to two decimal places. 1 Payback period A B C years