A company is planning to purchase a machine that will cost $76,212, have a six-year life, and will have 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? Sales Costs: Manufacturing $261,000 $156,600 Depreciation on machine 4,000 Selling and administrative expenses 87,000 (247,600) Income $13,400 26.28 y years. 4.38 years. 13.14 years. 6.57 years. 1.10 year.