A company is planning to purchase a machine that will cost $27,000 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. What is the payback period for this machine? $ 93,000 Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (35) Net income $53,000 4,500 31,000 (88,500) $ 4,500 (1,575) $ 2,925 Multiple Choice 6.00 years. 18.46 years. 136 year 9.23 years 3.64 years