A company is considering the purchase of a new machine for $53,000. Management predicts that the machine can produce sales of $16, 500 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhead totaling $7, 500 per year including depreciation of $4 500 per year. The company's tax rate is 40%. What is the payback period for the new machine? 3.21 years. 6.24 years. 5.35 years. 1178 years 25 24 years