AP. Beyond-Say Corp. is considering purchasing $55,000 of music recording equipment. The equipment has a market resale value of $3,000 and is expected to be used over the next four years. Net income after taxes is estimated to be $4,200. The companys required rate of return is 10% and the company uses the straight-line method. The tax rate is 40%. What is the projects payback period?

Group of answer choices

Some other answer

3 years 3 months

3 years

4 years 3 months

4 years