A company is considering the purchase of a new machine for $56,000. Management predicts that the machine can produce sales of $16,800 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhead totaling $7,200 per year including depreciation of $4,800 per year. Income tax expense is $3,840 per year based on a tax rate of 40%. what is the payback period for the new machine? Multiple Choice 3.33 years. 6.36 years. 5.30 years. 11.67 years. 29.17 years