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 The payback period for this investment is closest to: Multiple Choice 3.53 years. 7.50 years. 4.62 years. 2.29 years. $600,000 $300,000 $130,000 $ 50,000 $ 40,000