Assume the following information for a capital budgeting proposal with a five$-$year time horizon:

Initial investment:

Cost of equipment $($zero salvage value$)$

Annual revenues and costs:

Sales revenues

Variable expenses

Depreciation expense

Fixed out$-$of$-$pocket costs

$$590,000$

$$300,000$

$$130,000$

$$50,000$

$$40,000$

The payback period for this investment is closest to: