Assume the following information for a capital budgeting proposal with a five- year time horizon: $ 480,000 Initial investment: Cost of equipment (zero salvage value) Annual revenues and costs: Sales revenues Variable expenses Depreciation expense Fixed out-of-pocket costs $ 300,000 $ 130,000 $ 50,000 $ 40,000 The payback period for this investment is closest to: Multiple Choice 2.82 years. 6.00 years 3.69 years. 1.36 years