A company is considering purchasing a machine that costs $320000 and is estimated to have no salvage value at the end of its 8-year useful life. If the machine is purchased, annual revenues are expected to be $110000 and annual operating expenses exclusive of depreciation expense are expected to be $38000. The straight-line method of depreciation would be used. The cash payback period on the machine is

5.4 years.

8.0 years.

2.8 years.

4.4 years.